Panacea Biotech surges almost 15%

Panacea Biotech rose almost 15% to Rs.145, just Rs.10 short of its 52-week high of Rs.155.

The market is thrilled as the company has received the US FDA approval for Rizatripan Bonzoate tablet, which is used to treat symptoms due to migraine. 

The current annual sale of this drug in the US is around $60 million and the company plans to launch this product in the US before March’17 through its distribution partner there.

Panacea recently got FDA approval for its anti-cancer formulation facility in Nov’16.

The company has also entered into a long term agreement (LTA) with UNICEF for a vaccine which is used for immunization against diphtheria, tetanus. The total value of expected business from the UN agencies is placed at around Rs.140 crore.