Panacea Biotec Sells Formulations Business to Repay Debt

Panacea Biotec, which makes the Sputnik V Covid-19 vaccine, has been struggling to repay a debt of Rs 750 crore to Piramal Enterprises and India Resurgence Fund (IndiaRF). It has now sold its domestic formulations business, including formulations brands in India and Nepal, related trademarks, copyrights, etc. of its subsidiary Panacea Biotec Pharma to Mankind Pharma for Rs 1,908 crore (exclusive of taxes). Meanwhile, Serum Institute of India, which owned 8.59 per cent stake in Panacea Biotec in December 2021, sold 358,000 of its equity shares on the NSE at Rs 278.15 earlier in February.