Panacea Biotec enters collaboration with Bionpharma for generics worth $800 million
NEW DELHI: Indian biotech firm Panacea Biotec has entered into a joint collaboration with US generic drug maker Bionpharma Inc to develop, manufacture and sell seven complex generic drugs, the company said. Panacea declined to specify the drugs that would be developed under this collaboration, but said they were mostly in the immuno-suppressant therapy area and together are estimated to have a market potential of $800 million.
Share prices of Panacea spiked upon the development, going as high as 9.75% (Rs 148 a piece) on the Bombay Stock Exchange before 11:00 am on Friday. As of 12:32 pm, Panacea's stock was trading at Rs 140.80, 4.41% higher than the previous close.
Panacea will be responsible for development, filing, registration, manufacture and supply of these generic drugs (Abbreviated New Drug Applications), the company said in a release. Bionpharma will be responsible for importing, warehousing, sales and distribution of these ANDAs in the United States and its territories, it added.
"With this joint collaboration, Panacea Biotec strives to expand its product portfolio in the US and become a global player in technology based specialty generic pharmaceuticals, applying its formulation and drug delivery expertise," the statement reads.
Panacea Biotec has so far filed seven ANDAs with the US Food and Drug Administration, out of which two --tacrolimus and rizatriptan--have already been commercialised by Bionpharma under a previous arrangement with the Indian biotech firm. Tacrolimus is an immuno-suppressive drug used after certain organ transplants to lower the risk of organ rejection, while rizatriptan is a migraine drug.