Panacea gets US patent for haemorrhoids drug

MUMBAI, July 9 (Reuters) - Drugmaker Panacea Biotec Ltd (PNCA.BO: Quote, Profile, Research) said on Wednesday it has secured a patent from the United States Patent and Trademark Office for haemorrhoids treatment drug.

Panacea plans to launch the drug 'Thank God,' chemically called euphorbia prostrata, in the U.S. and Europe, where the market size for the product is estimated between $500 million and $600 million.

Ahead of the news, the shares closed 2.4 percent lower at 314.60 rupees in a firm Mumbai market. (Reporting by Bharghavi Nagaraju; Edited by Ramya Venugopal)