Mankind Pharma yesterday mentioned it can acquire Panacea Biotec Pharma’s formulations brands for India and Nepal markets, for Rs 1,872 crores.
Both the entities have entered into definitive agreements for the transaction involving a complete consideration of Rs 1,872 crores.
As a part of this association, Mankind Pharma is retaining Panacea’s gross sales and advertising and marketing workforce engaged within the specific enterprise.
“The transaction marks a historical event which brings about the 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,” Rajeev Juneja, Managing Director and Vice-Chairman, Mankind Pharma, mentioned in a press release.
Through this acquisition, Mankind Pharma will likely be in a position to discover new therapeutic areas and create visibility in way of life, oncology and transplant enterprise, 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 pharma formulations in the US and other international markets, besides the vaccine business in global markets,” Rajesh Jain, Managing Director, Panacea Biotec, mentioned in the release.
The divestment will guarantee ample liquidity for these companies, drive investments in merchandise beneath growth and increase capacities for key vaccine tasks to drive future development in a sustainable method, he added.