As per the agreement, Panacea Biotec will involve in product development and manufacturing, while Osmotica will lead product registration, legal matters as well as commercialization.
The collaboration products are expected to be sold under an Osmotica and Panacea Biotec label.
Osmotica Pharmaceutical CEO Forrest Waldon said the company is pleased to join with Panacea Biotec to jointly bring specialty pharmaceutical products to patients in medical need.
"We believe this opportunity affords patients and our shareholders, employees and other stakeholders’ significant value," Waldon added.
Panacea Biotec joint managing director Rajesh Jain said, "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."