Panacea Biotec arm launches cancer drug in Canadian market; shares trade higher

Paclitaxel Protein-Bound Particles is indicated for the treatment of metastatic breast cancer, non-small cell lung cancer, and adenocarcinoma of the pancreas.

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Panacea Biotec shares were up 0.7 percent at Rs 154.25 in early trade on October 30 after the company launched injectable suspension to treat breast and lung cancer. The company’s material wholly-owned subsidiary Panacea Biotec Pharma Limited through its strategic partner Apotex Inc., Canada launched Paclitaxel protein-bound particles for injectable suspension (Albumin-Bound), a generic version of Abraxane in the Canadian market.

Paclitaxel protein-bound particles is indicated for the treatment of metastatic breast cancer, non-small cell lung cancer, and adenocarcinoma of the pancreas.

ABRAXANE is a registered trademark of Abraxis BioScience, LLC, which is a wholly owned subsidiary of Bristol- Myers Squibb Company.

Panacea Biotec had an existing collaboration agreement with Apotex Inc. for research, development, license, supply, and sale of the said product in US, Canada, Australia, and New Zealand.

Pursuant to the said collaboration agreement Panacea Biotec had undertaken research, development, and manufacturing of the product at its state-of-the art pharmaceutical formulations facility at Baddi, Himachal Pradesh and Apotex Inc. will undertake the marketing, sales, and distribution thereof in the Canadian market.

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Earlier in this month, the company received a Form 483 with nine observations from the US Food and Drug Administration (USFDA) for its biologics manufacturing plant in Baddi.

The share touched a 52-week high of Rs 181.95 and a 52-week low of Rs 107.15 on 18 October, 2023 and 29 March, 2023, respectively.

Currently, the stock is trading 15.22 percent below its 52-week high and 43.96 percent above its 52-week low.