Panacea Biotec has entered into a strategic alliance with Apotex, the Canadian owned pharmaceutical company for research, development, license and supply of two drug delivery based high barrier to entry generic products for US, Canada, Australia and New Zealand.

Steven Lydeamore, chief business officer, Apotex said, "This strategic alliance with Panacea Biotec is another example of Apotex seeking to develop strategic partnerships with carefully selected companies to enable access to products and technologies where Apotex does not have its own manufacturing capabilities."

Shares of the company gained Rs 9.9, or 6.42%, to trade at Rs 164.15. The total volume of shares traded was 31,268 at the BSE (12.49 p.m., Friday).