Panacea Biotec’s Board of Directors as well as the Board of its wholly owned subsidiary viz. Panacea Biotec Pharma Ltd. (PBPL) had earlier approved sale of Domestic Formulations Brands of PBPL, for India and Nepal, to Mankind Pharma Limited, India’s 4th largest pharmaceutical company. The parties have entered into definitive agreements for such transaction involving a total consideration of INR 1872 Crore.
The consolidated revenue of Panacea Biotec is INR 634.78 Crore and the domestic formulations brands being sold have reported revenue from operations of ~INR 132 crore for H1FY2021-22 which is ~42% of Panacea Biotec’s consolidated revenue for H1FY2021-22. As part of this arrangement, Mankind Pharma Ltd., has agreed to retain Panacea Biotec’s well-trained sales and marketing team engaged in this business.