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20 Dec 2014

Panacea Biotech signs strategic alliance with Rising Pharma

Panacea Biotec entered into collaboration with Rising Pharmaceuticals Inc., one of industry’s leading organizations involved in marketing and distribution of innovative branded and multi-source prescription and over-the-counter pharmaceutical products in USA.

The collaboration has been established for an oral controlled release product utilizing Panacea Biotec’s platform oral drug delivery technology. The dossier for the product is currently under review by US Food and Drug Administration (FDA). Under the terms of the agreement, Panacea Biotec shall receive an upfront research fee on signing as well as a milestone payment on approval of the product by FDA. Upon commercialization 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 $300 million in the USA.

 

Panacea Biotec shall undertake product development and shall manufacture & supply the products; while Rising Pharmaceuticals shall be responsible for sales and distribution of the products in USA. Both companies intend to expand the scope of the alliance by adding new drug delivery based complex generic products to the collaboration.

Panacea Biotec strives to become a major global player in technology based specialty generics applying its formulation and drug delivery expertise through more such collaborations as the Company has already filed 6 Abbreviated New Drug Application (ANDA) with FDA.

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