Panacea Biotech, which had closed yesterday at Rs.263.80, opened itself today at its 5% UC of the day at Rs.276.95. Its 52-week high is at Rs.453.70.

The stock hit the roof on news that its subsidiary, Panacea Biotec Pharma (PBPL) has signed an agreement with Mankind Pharma to sell its domestic formulations business for a transaction value of Rs.1,908 crore.

This includes its pharmaceutical formulations brands in India and Nepal including related trademarks, copyrights and such other intellectual property of PBPL.

The transaction is expected to be completed in the current financial year.