Panacea Biotec has surged 10% to Rs 175 on NSE after the biotechnology company said that it has entered into collaboration with US-based pharmaceutical firm Rising Pharmaceutical Inc.
"Panacea Biotec has entered into collaboration with Rising Pharmaceuticals Inc, one of industry’s leading organizations involved in marketing and distribution of innovative branded and multi-source prescription and over-the-counter pharmaceutical products in USA," Panacea Biotec said in a press release.
The collaboration established on December 17 for an oral controlled release product utilising Panacea's platform oral drug delivery technology. The dossier for the product is currently under review by Food and Drug Administration (FDA), it added.
The company said, upon commercialization of the product, both companies shall share the profits at a pre-agreed ratio. The product under the collaboration currently has a market size of more than $300 million in the USA.
Panacea will undertake product development and will manufacture and supply products while Rising Pharma will be responsible for sales and distribution of products in USA.
The stock opened at Rs 163 and touched high of Rs 184 on NSE. A combined 1.14 million shares changed hands on the counter till noon deals on NSE and BSE.
"Panacea Biotec has entered into collaboration with Rising Pharmaceuticals Inc, one of industry’s leading organizations involved in marketing and distribution of innovative branded and multi-source prescription and over-the-counter pharmaceutical products in USA," Panacea Biotec said in a press release.
The collaboration established on December 17 for an oral controlled release product utilising Panacea's platform oral drug delivery technology. The dossier for the product is currently under review by Food and Drug Administration (FDA), it added.
The company said, upon commercialization of the product, both companies shall share the profits at a pre-agreed ratio. The product under the collaboration currently has a market size of more than $300 million in the USA.
Panacea will undertake product development and will manufacture and supply products while Rising Pharma will be responsible for sales and distribution of products in USA.
The stock opened at Rs 163 and touched high of Rs 184 on NSE. A combined 1.14 million shares changed hands on the counter till noon deals on NSE and BSE.