Mankind Pharma is set to acquire Panacea Biotec Pharma’s formulations for an estimated Rs 1872 crores. Mankind Pharma will be able to use Panacea’s formulations in India and Nepal markets. With this acquisition, Mankind Pharma will be able to explore and integrate novel therapeutic areas like lifestyle, oncology and transplant business.
An update claims that the shared of Panacea Biotec zoomed by 5% to Rs 198.50. Before it was Rs 197.10. Panacea has created a niche in the chronic and transplant business and their products are inherently backed up with thorough R&D and are supported by highly complex and distinctive technology. They hold the right to manufacture the Sputnik V Covid-19 vaccine.
Panacea Biotec Pharma is a subsidy of Panacea Biotec. The Serum Institute of India owned 8.59% stakes in this. In December 2021, sold 358,000 of its equity shares on NSE at Rs 278.15. Beleaguered Panacea Biotec was noticeably struggling to repay its debt of Rs 750 crore to Piramal Enterprises and India Resurgence Fund or IndiaRF.