WILMINGTON, N.C.--()--Osmotica Pharmaceutical Corp. today announced the execution of a strategic alliance agreement between Panacea Biotec and Osmotica Kft. for the research, development and commercialization of brand and generic products in the United States and key strategic markets across the globe.
Under the terms of the agreement, Panacea Biotec will lead product development and manufacturing while Osmotica will lead product registration and legal matters, as well as commercialization. The collaboration products are expected to be sold under an Osmotica and Panacea Biotec label. This collaboration is based on equal sharing of risk, investment and profits by the companies. A large and therapeutically diverse portfolio of products are progressing at various stages of development, with additional products under consideration.
Speaking on the announcement of the strategic alliance agreement, Dr. Rajesh Jain, Joint Managing Director, Panacea Biotec Ltd said, “We are pleased with this unique opportunity to collaborate with Osmotica to meet the never-ending demand for high barrier to entry and high-quality pharmaceutical products in United States. We believe this collaboration will enable both partners to complimentarily build upon each other's core competencies and capabilities to help meet the needs of more patients in United States than ever before.”
Also commenting on the strategic alliance was Mr. Forrest Waldon, CEO, Osmotica Pharmaceutical who said, “Osmotica is pleased to join with Panacea Biotec to jointly bring high quality, specialty pharmaceutical products to patients in medical need. We believe this opportunity affords patients and our shareholders, employees and other stakeholders’ significant value.”
The strategic alliance follows Osmotica’s acquisition of Abbott Laboratories’ Marietta, Georgia pharmaceutical facilities in mid-2011.
About Osmotica Pharmaceutical
Osmotica Pharmaceutical is a global specialty pharmaceutical company with a proven history of developing commercially successful pharmaceutical products. The company uses its proprietary osmotic technology platform to develop high quality special pharmaceutical products. In addition to the products currently on the market and covered under the Panacea Biotec strategic alliance, the company’s pipeline includes several CNS and neurology-based therapeutic drugs.
Osmotica Pharmaceutical and its related companies form an international group of companies with principal operations located in the United States, Argentina and Hungary.
For more information on the Company, please visit Osmotica’s website at www.osmotica.com. This press release is directed to residents of the United States.
About Panacea Biotec
Panacea Biotec is one of India's leading research-based health management companies with established research, manufacturing and marketing capabilities. Panacea Biotec is the 2nd largest vaccine producer in India. Panacea Biotec has been ranked as the 3rd largest biotechnology company (ABLE Survey- 2011) and is also amongst the top 40 (ORG IMS TSA MAT March 2011) pharmaceutical companies in India. The product portfolio of the Company includes highly innovative prescription products in important therapeutic areas such as pain management, diabetes management, renal-disease management, anti-osteoporosis, anti-tubercular, gastro-intestinal care products and vaccines. The company has collaborations and tie-ups with leading national and international research organizations and corporations. The company's state of the art manufacturing facilities for vaccines and pharmaceutical formulations comply with the US-FDA, UK-MHRA, SA-MCC and WHO-cGMP standards. Panacea Biotec has five dedicated research and development centers.
The company has around 3300 employees including over 300 scientists. The company also has 24 product patents, valid in more than 60 countries worldwide.