Shares of Panacea Biotec were trading 2% above on 30 October after the company announced that its subsidiary had launched an injectable suspension to treat breast and lung cancer.

Panacea Biotec Pharma Limited, the company’s material wholly-owned subsidiary through its strategic partnership with Apotex Inc. in Canada, have launched Paclitaxel protein-bound particles for injectable suspension, which is a generic version of ABRAXANE in the Canadian market.

ABRAXANE is a registered trademark of Bristol-Myers Squibb Company’s wholly-owned subsidiary, Abraxis BioScience, LLC.

Paclitaxel protein-bound particles are used for the treatment of metastatic breast cancer, adenocarcinoma of the pancreas, and non-small cell lung cancer.

Under the collaborative agreement with Apotex Inc, the company had undertaken the research, development, and manufacturing of the product at its pharmaceutical formulations facility at Baddi, Himachal Pradesh, and Apotex Inc will undertake the marketing, sales, and distribution of the drug in the Canadian market.

Earlier this month, the company received a Form 483 with nine observations from the USFDA (the United States Food and Drug Administration) for its biologics manufacturing plant in Baddi.

At 12:51 pm, the shares of Panacea Biotec were trading 2.15% above at Rs 156.60 on NSE.