Panacea enters into alliance with Canada based Apotex Inc

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Drug firm Panacea Biotec has entered into a partnership with Canada based Apotex Inc for research, development, licence and supply of two drug delivery based generic products to US, Canada, Australia and New Zealand markets.

In addition to upfront and milestone research fee payments from Apotex, the company shall receive a share of development cost and profit. Post commercialisation the profit from the products shall be shared at a pre-agreed ratio between the two companies, Panacea Biotec said in a filing to BSE.

The current sales of the innovator products are to the tune of USD 1 billion, it added.

Commenting on the development, Panacea Biotec Joint MD Rajesh Jain said: "This strategic alliance with Apotex is one of the cardinal milestones in our global generics strategy."

As per the agreement Panacea will undertake product development, manufacture and supply of the products while Apotex will be responsible for the regulatory affairs and commercialisation activities, the company said. "The strategic alliance with Panacea Biotec is another example of Apotex seeking to develop strategic partnerships with carefully selected companies to enable access to products and technologies where Apotex does not have its own manufacturing facilities," Apotex Inc Chief Business Officer Steven Lydeamore said.

Both companies intend to expand the scope of the alliance by adding new drug delivery based complex generic products to the collaboration, Panacea said. Shares of Panacea Biotec were today trading at Rs 163.85 per scrip in the afternoon trade on BSE, up 6.22 percent from it's previous close.