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Panacea Biotec settles disputes with Celgene for Abraxane generic.
In a filing to the exchanges the company stated, “Panacea Biotec along with its partner, Apotex Inc. and Apotex Corp (Apotex) have entered into a settlement agreement with US-based Celgene Corporation 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.”
Further, as per the settlement agreement, Panacea and Apotex will get a non-exclusive license under which Panacea Biotec may, through its partner Apotex, begin selling Panacea’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.
