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
Panacea Biotec has entered into collaboration with Rising Pharmaceuticals, involved in marketing and distribution of innovative branded and multi-source prescription and over-the-counter pharma products in the US.
The collaboration was recently established for an oral controlled release product utilising Panacea Biotec’s platform oral drug delivery technology. The dossier for the product is currently under review by 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 commercialisation 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 US.
Panacea Biotec shall undertake product development and shall manufacture and supply the products; while Rising Pharmaceuticals shall be responsible for sales and distribution of the products in the US. Both companies intend to expand the scope of the alliance by adding new drug delivery based complex generic products to the collaboration.
EP News Bureau – Mumbai