Panacea Biotec along with its partner, Apotex Inc. and Apotex Corporation (Apotex) have entered into a Settlement Agreement with Celgene Corporation, a global biopharmaceutical company in USA and its subsidiary Abraxis BioScience, LLC, for settlement of disputes regarding patents covering Abraxane drug product and the company’s Abbreviated New Drug Application (ANDA) for paclitaxel protein bound particles for injectable suspension, 100mg/vial, a generic version of Abraxane.
As part of the Settlement Agreement, Panacea Biotec and Apotex will receive a non-exclusive license under which Panacea Biotec may, through its partner Apotex, begin selling Panacea Biotec's generic version of Abraxane in the US and its territories on a mutually agreed-upon date, and also in certain jurisdictions outside of the US on a mutually agreed-upon date. The other terms of the agreement are confidential.
Panacea Biotec is a leading research based Biotechnology Company with established research, manufacturing and marketing capabilities. It is one of the largest vaccine producers and biotechnology companies in India.
