Serum Institute’s Adar Poonawalla offloads entire stake in Panacea Biotec for Rs 118 crore

Adar Poonawalla, Chief executive of the Serum Institute of India, sold his entire holdings in Panacea Biotec, which were about 5.15 percent shares of the company, in an open market deal for Rs 118 crore.

Poonawalla sold 31,57,034 shares in the company he owned at a price of Rs 373.85 per share, bringing the overall deal valuation to Rs 118.02 crore, according to BSE block deal data.

Based on the reports by the news agency PTI, the shares were taken up by the Serum Institute of India (SII).

SII purchased the shares sold by Poonawalla at the same amount in a different transaction.

Panacea Biotec's stock closing price was at Rs 384.9 on Monday, which was up 1.16 percent from the previous closing price of the stock.

Both Poonawalla and SII were public shareholders in Panacea Biotec, according to shareholding data for the March 2021 quarter. They owned 5.15 percent and 4.98 percent stakes in the company, respectively.

Panacea Biotec is an Indian-based generic and specialist pharmaceutical and vaccine company. The business has expanded gradually to become one of India's largest vaccine producers.

The company has a long background in pharmaceutical formulations, vaccines, biosimilars, and natural products, its research, development, manufacturing, and marketing.