Meanwhile, the BSE Sensex was up 85.40 points or 0.46% to 18,549.67.
On BSE, 86,000 shares were traded in the counter as against average daily volume of 12,127 shares in the past one quarter.
The stock hit high of Rs 149.75 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 136 so far during the day. The stock had hit a 52-week low of Rs 63.50 on 4 June 2012.
The stock had outperformed the market over the past one month till 14 September 2012, surging 94.08% compared with the Sensex's 4.15% gain. The scrip had also outperformed the market in past one quarter, jumping 95.41% as against Sensex's 10.71% surge.
The small-cap company has equity capital of Rs 6.12 crore. Face value per share is Re 1.
Shares of Panacea Biotec rallied 59.56% in four trading sessions to settle at Rs 142.65 on Friday, 14 September 2012, from Rs 89.40 on 10 September 2012, after the company during trading hours on 11 September 2012 said, it has entered into a strategic alliance with Osmotica Pharmaceutical for the research, development and commercialization of drug delivery based, high barrier to entry generic and branded pharmaceutical products in US and key strategic markets across the globe.
Osmotica is a global pharmaceutical company specialising in drug delivery technologies. The collaboration is designed to build upon each company's highly complementary strengths and quality assets, Panacea Biotec said in a statement.
Under the collaboration, Panacea Biotec would lead product identification, research, development and manufacturing while Osmotica would lead product registration, legal matters, marketing, sales and distribution. The collaboration products are expected to be sold under an Osmotica and Panacea Biotec label. This collaboration is based on 50:50 risk, investment and profit sharing by both companies and starts with a portfolio of 18 products across a broad range of therapeutic categories, with a provision to add new products by the Joint Steering Committee represented by both companies.
As per the agreement, Panacea Biotec will receive initial research fee from Osmotica. Moving forward, Panacea will receive agreed amounts of milestone payments representative of 50% share of development costs from Osmotica upon achievement of development milestones. For each new product added to the collaboration and for each new market thereof, Panacea shall receive a fixed research fee besides receiving the 50% share of development costs. Post commercialisation of the products in USA and other markets as may be added from time to time, both shall share the profits equally.
Panacea Biotec said that this collaboration reflects the shared belief that the development and commercialization of drug delivery based, high barrier to entry products will not follow a typecast brand or generic model, and will require significant innovation, technical expertise, infrastructure and investment to achieve the desired ends.
Panacea Biotec's existing business and products would continue to function outside of this agreement and maintain their current unique structure and character. Both companies believe that this alliance is based on a unique hybrid business model which crystallizes the positive aspects of a traditional 'strategic partnership' and 'joint venture' relationships between two corporate entities.
Panacea Biotec reported net loss to Rs 65.97 crore in Q1 June 2012, compared with net profit of Rs 16.72 crore in Q1 June 2011. Net sales declined 62.4% to Rs 83.10 crore in Q1 June 2012 over Q1 June 2011.
Panacea Biotec is a research-based health management company. The product portfolio of the company includes products in important therapeutic areas such as pain management, diabetes management, renal-disease management, anti-osteoporosis, anti-tubercular, gastro-intestinal care products and vaccines. Panacea Biotec is the second largest vaccine producer in India. The company has four dedicated research and development centers.
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