Mankind Pharma will acquire Panacea Biotec subsidiary Panacea Biotec Pharma’s pharmaceutical formulation brands in India and Nepal for ₹1,872 crore.
Definitive agreements have been signed and the transaction is expected to close by March. According to Panacea Biotec, as part of the agreement, Mankind has agreed to retain its “well-trained sales and marketing team in this business.”
The divestiture is in line with the strategic plan to become debt free and focus on exporting pharmaceutical formulations to the US and other international markets in addition to the vaccines business in global markets. It will ensure adequate liquidity for these companies, drive investment in products in development and expand capacity for key vaccine projects to drive future growth, said Rajesh Jain, MD of Panacea.
Rajeev Juneja, MD and executive vice president of Mankind said the acquisition will enable the company to explore new therapeutic areas and create visibility in lifestyle, oncology and transplantation.
