Panacea Biotec shares soar nearly 12% after sales push

Shares of Panacea Biotec today

soared nearly 12 per cent after the company said it has

expanded its existing collaboration with Canada's Apotex Inc

for sales and distribution of Prasugrel tablets in the US.

The stock zoomed 11.95 per cent to settle at Rs 245.90 on

the BSE. Intra-day, it jumped 15.63 per cent to Rs 254.

At the NSE, it surged 10.91 per cent to close at Rs

245.35.

The company's market valuation also went up by Rs 161.16

crore to Rs 1,506.16 crore.

In terms of volume, 1.91 lakh shares of the company were

traded on the BSE and over 12 lakh shares changed hands at the

NSE during the day.

Panacea Biotec said Prasugrel has annual sales of USD 600

million in the US and is indicated for reduction of thrombotic

cardiovascular events in people with acute coronary syndrome.

"Panacea Biotec has expanded its existing collaboration

with Apotex Inc, the largest Canadian-owned pharmaceutical

company, for sales and distribution of Prasugrel 5mg and 10mg

tablets (generic version of Eli Lilly's Effient) in the US,"

the company said in a BSE filing.

It further said: "The company has signed an exclusive

licence and supply agreement with Apotex for this purpose.

Under the terms of the agreement, Apotex shall be responsible

for sales and distribution of the product in the USA and the

company shall be responsible for manufacturing and supply".

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)