Panacea Biotec inks drug deal with Kremers Urban
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 Biotec’s 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.
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