Panacea Biotec has entered into a tripartite agreement with Natco Pharma (Natco) and Breckenridge Pharmaceutical Inc. (Breckenridge) for the manufacture and supply of Azacitidine Injection for the U.S. market under Breckenridge's already-approved ANDA. Azacitidine is a generic equivalent of Vidaza®, which is marketed by Celgene Corporation, U.S.
As per the terms of the agreement, Natco has provided the technology for manufacturing Azacitidine to Panacea Biotec's facility located at Baddi, Himachal Pradesh, India. Panacea Biotec will be responsible for manufacture and supply of the product, which will be marketed, sold and distributed by Breckenridge in the U.S.
Rajesh Jain, Managing Director, Panacea Biotec, said, "We are excited about the collaboration with Natco and Breckenridge on Azacitidine. This collaboration will enable the company to grow its revenues and will also ensure increased capacity utilization of our state of the art oncology plant at Baddi.''
Shares of the company gained Rs 5.2, or 2.03%, to trade at Rs 261.20. The total volume of shares traded was 6,867 at the BSE (9.49 a.m., Tuesday).