New Delhi, Feb 28 (PTI) Mankind Pharma on Monday said it will acquire Panacea Biotec Pharma’s formulations brands, for India and Nepal markets, for Rs 1,872 crore.
Both the entities have entered into definitive agreements for the transaction involving a total consideration of Rs 1,872 crore.
Panacea Biotec Pharma Ltd is a wholly-owned subsidiary of Panacea Biotec.
As part of this arrangement, Mankind Pharma is retaining Panacea’s sales and marketing team engaged in the particular business.
“The transaction marks a very historical event which brings about the perfect confluence of both the organisations to complement each other. 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,” Mankind Pharma Managing Director and Vice-Chairman Rajeev Juneja said in a statement.
Through this acquisition Mankind Pharma will be able to explore new therapeutic areas and create visibility in lifestyle, oncology and transplant business, he added.
“The sale of domestic formulation brand portfolio is in line with the company’s strategic plan to become debt-free and focus on exports of pharmaceutical formulations in the US and other international markets besides the vaccine business in global markets,” Panacea Biotec Managing Director Rajesh Jain said in a statement.
The divestment will ensure adequate liquidity for these businesses, drive investments in products under development and expand capacities for key vaccine projects to drive future growth in a sustainable manner, he added. PTI MSS MR MR
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