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 today 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. 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." Highly elated with the deal, Mr. Ramesh Juneja, Chairman of Mankind Pharma Ltd., 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." On the occasion, Mr. Rajeev Juneja, Managing Director and Vice Chairman, Mankind Pharma Ltd., said: "The transaction marks a very historical event which brings about the perfect confluence of both the organization to complement each other. Panacea has created a niche in chronic and transplant business and their products are inherently backed up with thorough R&D and are supported by highly complex and distinctive technology. Through this acquisition Mankind Pharma will be able to explore new therapeutic areas and create visibility in lifestyle, oncology and transplant business. I would really like to thank Mr. Sanjiv Kaul of Chrys Capital who played a very pivotal role in helping us enter this historic deal." Shares of Panacea Biotec Limited was last trading in BSE at Rs. 189.05 as compared to the previous close of Rs. 189.45. The total number of shares traded during the day was 16943 in over 500 trades. The stock hit an intraday high of Rs. 192.00 and intraday low of 186.45. The net turnover during the day was Rs. 3186669.00.

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