Panacea Biotec Pharma, a subsidiary of Panacea Biotec has decided to sell its domestic formulations business to Mankind Pharma for Rs 1,908 crore.

As per a regulatory filing, Panacea Biotec informed that the board of directors have approved the sale of its domestic business assets constituting its pharmaceutical formulations brands in India and Nepal including related trademarks, copyrights and such other intellectual property of PBPL to Mankind Pharma for transaction value of ₹1,908 crore excluding GST.

The pharma division’s domestic business generated turnover of Rs 219.85 crore for the last financial year. This is 63.75 per cent of the revenues of Panacea Biotech Pharma and 35.19 per cent of the consolidated revenues of parent Panacea Biotec.