Adar Poonawalla transfers entire Panacea Biotec stake to Serum Institute

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MUMBAI: Adar Poonawalla, proprietor of Serum Institute of India, has transferred his entire 5.15 per cent stake in to his firm for Rs 118 crore via an open market transaction at this time.

Poonawalla offered 3.15 million shares of Panacea Biotech at Rs 373.85 per share to Serum Institute in a block deal on the BSE earlier at this time.

Prior to the deal, Serum Institute of India already held 4.98 per stake within the listed vaccine maker. Post the transaction, SII’s stake in Panacea Biotec will rise to 10.13 per cent. The efficient possession of the stake nonetheless lies not directly with Poonawalla.

Panacea Biotec is a famend contract producer within the drug business and is concerned in manufacturing of each human and animal vaccines.

The firm has reached out to Bharat Biotech to produce the latter’s Covid-19 vaccine Covaxin so as to ramp-up manufacturing of the lifesaving jab, which is in brief provide within the nation.

Earlier this month, a Bharatiya Janata Party spokesperson stated that the federal government has requested each Bharat Biotech and Panacea Biotec to ramp up manufacturing of Covaxin.

Shares of Panacea Biotec ended 0.7 per cent larger at Rs 382.70 on the National Stock Exchange.

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