Panacea Biotec inks drug deal with Kremers Urban

Written by fe Bureau | New Delhi | Updated: Nov 20 2012, 07:10am hrs
The R700-crore drug and vaccine-maker Panacea Biotec entered into a strategic alliance with Kremers Urban, from the stable of Belgian biopharma firm UCB, to launch 11 complex generic drugs, which will give them a command over a market size of around $4 billion in the US.

The first product in this portfolio to be launched in the US market is Tacrolimus capsules, which commands a total market size of over $890 million. This product will be launched in November, a Panacea statement said. Under the agreement terms, Panacea Biotec will be responsible for research, development, registration and commercial supplies of the products, while Kremers Urban will be responsible for marketing, sales and distribution.

Tacrolimus is an immunosupressant used for transplant side-effects. Rajesh Jain, joint managing director, Panacea said, Panacea Biotecs proven track record in building strong, collaborative working relationship is a key driver for this strategic alliance with Kremers Urban.

The business collaboration is based on long term profit sharing by both companies, a Panacea statement said without revealing further financial details of the deal.

The Panacea scrip surged after the alliance to 2.10% on Monday at the BSE to end at R108 on Monday.