India's Panacea Biotec rises on deal with Mankind Pharma

Panacea Biotec

02/03/2022 06:40

** Shares of Indian biotechnology co  PNCA.NS  gain as much
as 5% to hit upper circuit at 198.65 rupees
    ** Panacea Biotec said on Monday it would sell its domestic
formulation brands business for India and Nepal to Mankind
Pharma Ltd for 18.72 bln rupees ($247.64 mln)  urn:newsml:reuters.com:*:nFWN2V31O6
    ** Rev from ops from the domestic formulation brands
business was about 1.32 bln rupees for H1 FY 2021-22, which is
about 42% of the company's consolidated rev for the same period
- PNCA statement https://bit.ly/3McU3w3
    ** "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 U.S. and
other international markets besides the vaccine business in
global markets," PNCA MD Rajesh Jain says
    ** PNCA stock down 17.1% in 2021 

    ($1 = 75.5950 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))