India’s Panacea in drug development,sales pact with U.S. company

Shares in Panacea rose 20%,their maximum daily limit,to 108 rupees ahead of the announcement on Tuesday.

Written by Agencies | Mumbai | Published:September 11, 2012 1:17 pm

India’s Panacea Biotec Ltd and U.S.-based Osmotica Pharmaceutical Corp would jointly develop at least 18 branded and generic drugs for global sales and distribution on a cost and profit sharing basis,the companies said in a statement.

Panacea would identify drugs and develop and manufacture them,while Osmotica would take care of product registration,sales and marketing in the United States and other global markets,they said on Tuesday.

Panacea would received up to 50 percent of development costs as milestone payment from Osmotica as part of the agreement,it said.

Shares in Panacea rose 20 percent, their maximum daily limit,to 108 rupees ahead of the announcement on Tuesday.

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