Mankind Pharma signs agreement to buy Panacea Biotec Pharma's domestic biz

Panacea Biotec Pharma is a subsidiary of vaccine maker Panacea Biotec; its domestic biz had a turnover of Rs 219 cr in FY21; Adar Poonawalla holds 8.6% stake in the firm

Mankind Pharma
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Mankind Pharma | Photo: Website

Sohini Das Mumbai
Mankind Pharma entered into an agreement to buy the domestic formulations business of Panacea Biotec Pharma, a subsidiary of Sputnik V maker Panacea Biotec for Rs 1,908 crore.

In a notification to the stock exchanges on Tuesday, Panacea Biotec said that its board approved the decision to sell the domestic formulations business including formulations brands in India and Nepal, related trademarks, copyrights etc of its subsidiary Panacea Biotec Pharma to Mankind Pharma for Rs 1908 crore (exclusive of taxes). Panacea Biotec Pharma and Mankind Pharma entered into a binding term sheet on January 31.

The stocks of Panacea Biotec were up 5

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First Published: Feb 01 2022 | 5:26 PM IST

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