Panacea Biotec said that its fully-owned subsidiary Biotec Pharma Ltd. (PBPL) has agreed to sell its domestic formulations brands for India and Nepal to Mankind Pharma for INR 1,872 crores.

According to Panacea Biotec, its consolidated revenue is INR 634.78 crores and the domestic formulations brands that are part of the deal had revenue from operations of around INR 132 crores for H1FY2021-22, which is nearly 42% of its consolidated revenue for H1FY2021-22.

Dr. Rajesh Jain — Managing Director of Panacea Biotec said: “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 US and other international markets besides the vaccine business in global markets.

“The divestment will ensure adequate liquidity for these businesses, drive investments in products under development and expanding capacities for key vaccine projects to drive future growth in a sustainable manner.”

As part of the deal, Mankind Pharma will retain Panacea Biotec’s sales and marketing team engaged in the business.

Ramesh Juneja — Chairman of Mankind Pharma said: “This deal is the celebration of a long harbored relationship, trust and friendship that we share with Dr. Rajesh Jain which helped in closing the deal within 30-35 days which otherwise would have taken a long time.”

  Biotec Pharma, Dr. Rajesh Jain, India, Mankind Pharma, Nepal, Panacea Biotec, Ramesh Juneja