Panacea Biotec receives Ukrainian regulator's nod for 22 medicines

Panacea Biotec Limited has received GMP Compliance for manufacturing 22 medicinal products from State Service of Ukraine on Medicines and Drugs Control. The company's manufacturing facilities at Baddi, Himachal Pradesh has received the compliance certificate.

The authorisation for 22 medicinal products including four oncology products, the company said in a filing to the bourses. The authorisation is valid till 2020.

Ukraine is member of the association called PIC/S (Pharmaceutical Inspection Co- operation Scheme) which including countries like Europe, Africa, America, Asia and Australasia. On the basis of this approval the company can fast track registration of these medicines in 49 countries.

Reacting to the announcement, the stock of Panacea Biotec was trading at Rs. 234.30 per share, or up by 3.51%. The stock witnessed an intraday high of Rs. 254.70 and a low of Rs. 224.00. The stock closed at Rs. 234.80 per share.

Panacea Biotec's principal business activity include manufacturing of allopathic pharmaceuticals preparations. The company's segments include Vaccines, Formulations, Research and Development; Healthcare and Real estate activities.