Shares of Panacea Biotec surged over 4.5 per cent today after it inked a pact with Rising Pharmaceuticals Inc to develop and market a ‘product’ in the American market.
Shares of the biotech company climbed 3.63 per cent to settle at Rs 165.70 on the BSE. During the intra-day trade, it had rallied 15.32 per cent to Rs 184.40 but later surrendered most of the gains on emergence of profit-booking.
At the NSE, it gained 4.52 per cent to close the day at Rs 165.50.
In terms of volume, 1.21 lakh shares of the company changed hands at the BSE, while more than 7 lakh shares were traded at the NSE during the day.
The collaboration has been established for an oral controlled release product. It will utilise Panacea’s platform of oral drug delivery technology
Rising specialises in the sales, marketing and distribution of finished pharma products in the US market.
“Upon commercialisation of the product both companies shall share the profits at a pre-agreed ratio. The product under the collaboration currently has a market size of more than USD 300 million in the US,” the company said.