Panacea Biotec rose 10.54% to Rs 176.75 at 11:29 IST on BSE after the company said it has entered into collaboration with US-based Rising Pharmaceuticals Inc.
The announcement was made during trading hours today, 19 December 2014.
Meanwhile, the BSE Sensex was up 252.96 points, or 0.93%, to 27,379.53.
On BSE, so far 80,000 shares were traded in the counter, compared with an average volume of 12,117 shares in the past one quarter.
The stock hit a high of Rs 184.40 and a low of Rs 158.70 so far during the day. The stock hit a 52-week high of Rs 218.95 on 22 September 2014. The stock hit a 52-week low of Rs 88.60 on 30 January 2014.
The stock was unchanged over the past one month till 18 December 2014, outperforming the Sensex, which declined 3.68% in the same time frame. The scrip had, however, underperformed the market in past one quarter, falling 7.22% as against Sensex's 0.05% rise.
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The small-cap company has an equity capital of Rs 6.12 crore. Face value per share is Re 1.
Panacea Biotec said it 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.
The collaboration has been established for an oral controlled release product utilizing Panacea Biotec's platform oral drug delivery technology. The dossier for the product is currently under review by US Food and Drug Administration (FDA). Under the terms of the agreement, Panacea Biotec shall receive an upfront research fee on signing as well as a milestone payment on approval of the product by FDA. 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 Biotec shall undertake product development and shall manufacture & supply the products; while Rising Pharmaceuticals shall be responsible for sales and distribution of the products in USA. Both companies intend to expand the scope of the alliance by adding new drug delivery based complex generic products to the collaboration.
Panacea Biotec strives to become a major global player in technology based specialty generics applying its formulation and drug delivery expertise through more such collaborations as the Company has already filed 6 Abbreviated New Drug Application (ANDA) with FDA.
Panacea Biotec reported net loss of Rs 6.82 crore in Q2 September 2014, lower than net loss of Rs 56.27 crore in Q2 September 2013. Net sales rose 54.51% to Rs 155.64 crore in Q2 September 2014 over Q2 September 2013.
Panacea Biotec is one of India's leading research-based pharma-biotech companies with established research, manufacturing and marketing capabilities.
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