Panacea Biotec in marketing deal with Uruguay's Laboratorios Clausen

Panacea Biotec has entered into an agreement with Laboratorios Clausen of Uruguay for grant of non-exclusive marketing rights of the company's immunosuppressant drug `Tacrolimus (Pangraph)' for a few markets in Europe.

In a separate agreement, Panacea Biotec also agreed to explore the possibility of technology transfer of its product to Laboratorios Clausen SA manufacturing facility and for subsequent marketing in Latin American markets.

In return, Laboratorios Clausen SA will provide technology of Mycophenolate Mmofetil (MMF) to Panacea Biotec wherein Panacea Biotec will manufacture and market the products in a few key international markets, the company said in a filing with the Bombay Stock Exchange (BSE).

"We are more than happy to partner with Laboratorios Clausen SA and this agreement will help us to explore new opportunities in the Latin American markets.

Panacea Biotec always believe in investing in partnerships that provide human, technical and financial resources to engage and empower the community worldwide and this agreement is another milestone in our journey toward our vision 2020," Dr Rajesh Jain, joint managing director of Panacea Biotec Limited, said.

Panacea Biotec is the 2nd largest vaccine producer in India and amongst the top 50 pharmaceutical companies in the country. It has been ranked the 3rd largest biotechnology company in India.