Panacea settles patent dispute with US-based Celgene Corp

As per the agreement, Panacea Biotec and Apotex will receive a non-exclusive license under which the Indian firm would begin selling a generic version of Abraxane in the US

Panacea Biotec’s vaccine formulation plant at Baddi, Himachal Pradesh. Panacea shares on Friday ended 0.78% up at Rs271.70 apiece on the BSE.
Panacea Biotec’s vaccine formulation plant at Baddi, Himachal Pradesh. Panacea shares on Friday ended 0.78% up at Rs271.70 apiece on the BSE.

New Delhi:Drug firm Panacea Biotec along with its partner Apotex has inked a pact with US-based Celgene Corporation to settle patent disputes regarding Abraxane, a drug used to treat various kinds of cancer including that of breast and lungs.

As per the agreement, Panacea Biotec and Apotex will receive a non-exclusive license under which the Indian firm through Apotex would begin selling a generic version of Abraxane in the US and its territories and also in certain jurisdictions outside of the US on a mutually agreed-upon date, Panacea said in a regulatory filing on Friday.

“Panacea along with its partner Apotex have entered into a settlement agreement with Celgene Corporation and its subsidiary Abraxis BioScience, LLC, for settlement of disputes regarding patents covering Abraxane,” the filing said.

Panacea shares on Friday ended 0.78% up at Rs271.70 apiece on the BSE.