Panacea Biotec gained on Friday after the company 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 Panacea Biotec are trading at Rs 164.90, up Rs 10.65, or 6.90% at the Bombay Stock Exchange (BSE) on Friday at 12:52 p.m.
The scrip has touched an intra-day high of Rs 174.10 and low of Rs 152. The total volume of shares traded at the BSE is 31,961.
