Mankind Pharma is keeping Panacea’s sales and marketing team engaged in the particular company, as per the agreement between the two firms.
Mankind Pharma will pay ₹1,872 crore for Panacea Biotec Pharma’s formulations brands, the firm announced on Monday. Panacea Biotec Pharma Ltd is Panacea Biotec’s wholly-owned subsidiary.
Mankind Pharma is keeping Panacea’s sales and marketing team engaged in the particular company, as per the agreement between the two firms. “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,” Rajeev Juneja, Mankind Pharma’s Managing Director and Vice-Chairman, 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.