Adar Poonawalla transfers entire Panacea Biotec stake to Serum Institute
MUMBAI: Adar Poonawalla, owner of Serum Institute of India, has transferred his entire 5.15 per cent stake in Panacea Biotec to his company for Rs 118 crore through an open market transaction today.Poonawalla sold 3.15 million shares of Panacea Biotech at Rs 373.85 per share to Serum Institute in a block deal on the BSE earlier today.Prior to the deal, Serum Institute of India already held 4.98 per stake in the listed vaccine maker. Post the transaction, SII’s stake in Panacea Biotec will rise to 10.13 per cent. The effective ownership of the stake still lies indirectly with Poonawalla. Panacea Biotec is a renowned contract manufacturer in the drug industry and is involved in production of both human and animal vaccines.The company has reached out to Bharat Biotech to produce the latter’s Covid-19 vaccine Covaxin in order to ramp-up production of the lifesaving jab, which is in short supply in the country.Earlier this month, a Bharatiya Janata Party spokesperson said that the government has asked both Bharat Biotech and Panacea Biotec to ramp up production of Covaxin.Shares of Panacea Biotec ended 0.7 per cent higher at Rs 382.70 on the National Stock Exchange.
Read More
