Panacea Biotec, a research based health management company, has entered into a collaboration with Rising Pharmaceuticals, one of industry's leading organization involved in marketing and distribution of innovative branded and multi-source prescription and over-the counter pharmaceutical products in USA.

The collaboration has been established for an oral controlled release product is currently under review by FDA. Under the terms of the agreement, the company shall receive an upfront research fee on signing as well as a milestone payment on approval of the product by FDA.

Shares of the company gained Rs 15.1, or 9.44%, to trade at Rs 175. The total volume of shares traded was 82,615 at the BSE (11.47 a.m., Friday).