Panacea Biotec Expands Global Presence with US Subsidiary

Panacea Biotec Ltd informed in a stock exchange filing that through its material subsidiary, Panacea Biotec Pharma Ltd (PBPL) announced a significant step in expanding its global footprint by incorporating a wholly-owned subsidiary, Panacea Biotec Inc., in the state of Delaware, USA. This strategic move underscores Panacea Biotec’s ambition to establish a robust presence in the world’s largest healthcare market, the United States.

Panacea Biotec Inc. has been capitalised with an initial investment of US$ 75,000 (approximately ₹6.23 million), which represents PBPL’s acquisition of 7,500,000 shares of common stock at a nominal value of US$ 0.01 per share. This transaction grants PBPL full ownership and control of Panacea Biotec Inc., positioning it as a step-down subsidiary of Panacea Biotec Ltd. Consequently, Panacea Biotec Inc. is classified as a Related Party of both Panacea Biotec Ltd. and its group companies. The authorised share capital of Panacea Biotec Inc. is 1 billion shares of US$ 0.01 each, aggregating to US$ 10 million.

The incorporation of Panacea Biotec Inc. aligns seamlessly with Panacea Biotec’s core business activities, which focus on a comprehensive spectrum of healthcare products and services. These include buying, selling, marketing, importing, exporting, distributing, and dealing in various health and wellness categories such as nutrition, dietary supplements, over-the-counter (OTC) drugs, medical devices, prescription drugs, and vaccines.

This strategic initiative not only aims to penetrate the lucrative US healthcare market but also signifies Panacea Biotec’s commitment to broadening its global footprint and enhancing its offerings in healthcare solutions. By establishing a presence in the US, Panacea Biotec Inc. seeks to leverage the vast opportunities available in the healthcare sector, known for its advanced infrastructure, regulatory framework, and market dynamics conducive to innovation and growth.

About Panacea Biotec Ltd

Panacea Biotec is a biotechnology company focused on research and development, manufacturing, sales, distribution, and marketing of pharmaceuticals and vaccines.

On June 24, 2024, the share price of Panacea Biotec opened at ₹134.31, touching the day’s high at ₹134.31, as of 10:49 AM on the NSE.

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