Panacea Biotec has rallied 8% to Rs 114 after the company announces that it has entered into a strategic alliance with Kremers Urban, a subsidiary of Belgium-based UCB, for 11 high barrier to entry generics, whose market size in US at the innovator level is around $4 billion.
“The first product in this portfolio to reach the market is Tacrolimus Capsules that is being launched in US in November 2012. The total market size of Tacrolimus is approximately $892 million in US,” Panacea Biotec said in a statement.
Tacrolimus is used along with other medications to prevent rejection in people who have received organ transplants.
The stock opened at Rs 106 and hit a high of Rs 116 on the NSE. A combined 107,729 shares have changed hands on the counter so far against an average sub 50,000 shares that were traded daily in past two weeks.