Rescue Plan For Debt-Laden Panacea Sees Shares Soar
Distressed asset fund India Resurgence Fund, run by Bain Capital and the Ajay Piramal group, has announced a $144m bailout for financially ailing Panacea Biotec.
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Panacea Biotec has allied with the world’s largest-vaccine maker, the Serum Institute of India, to ramp up production of a six-in-one jab aimed at preventing killer diseases like polio and diphtheria and target a global market estimated to be worth over $1.25bn annually.
India’s Panacea Biotec is hoping an alliance with New Jersey-based pharmaceutical startup Bionpharma Inc to make seven complex generic drugs for the US with a potential market of over $800m will help its financial recovery.
The financially stretched Indian vaccines producer Panacea Biotec has put on the block its interest in an ambitious hospital enterprise as part of efforts to satisfy certain terms of a debt revamp plan.