Panacea Biotec, US's Bionpharma join hands for 7 drugs

NEW DELHI: Drug firm Panacea Biotec today said it has entered into a joint collaboration with the US's Bionpharma for development, licence, manufacturing, supply and sales of seven complex generic products.

Panacea Biotec said the joint collaboration is for commercialisation of seven abbreviated new drug applications under development, representing a total estimated market potential of more than $ 800 million (Rs 5,130 crore).

Under the collaboration, Panacea will be responsible for development, filing, registration, manufacturing and supply of these ANDAs, it said in a BSE filing.

Bionpharma will be responsible for importation, warehousing, sales and distribution of these ANDAs in the US and its territories.

Under a previous arrangement, Bionpharma is also the exclusive distributor for company's 2 ANDAs in the US market.

These ANDAs have already been commercialised under a separate exclusive licence and supply agreement.

Shares of Panacea Biotec were trading 4.93 per cent higher at Rs 141.50 apiece on BSE.