Panacea Biotec is currently trading at Rs. 183.00, up by 23.10 points or 14.45 % from its previous closing of Rs. 159.90 on the BSE.
The scrip opened at Rs. 159.00 and has touched a high and low of Rs. 184.40 and Rs. 158.70 respectively. So far 51981 shares were traded on the counter.
The BSE group 'B' stock of face value Re. 1 has touched a 52 week high of Rs. 218.95 on 22-Sep-2014 and a 52 week low of Rs. 88.60 on 30-Jan-2014.
Last one week high and low of the scrip stood at Rs. 174.10 and Rs. 150.50 respectively. The current market cap of the company is Rs. 1089.04 crore.
The promoters holding in the company stood at 74.81 % while Institutions and Non-Institutions held 2.20 % and 22.99 % respectively.
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.
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 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 ANDAs with USFDA.
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