Adar Poonawalla sells entire stake of Panacea Biotec

Adar Poonawalla, CEO of Serum Institute of India, sold his whole ownership in Panacea Biotec, equal to 5.15 percent of the company, for INR 118 crore in an open market transaction in May 17th.

SII purchased the shares at the same price in a separate transaction. According to ownership statistics from the March 2021 quarter, Poonawalla and SII were both public shareholders in Panacea, with 5.15 percent and 4.98 percent stakes, respectively.

Panacea Biotec Share down 4% After Adar Poonawalla exist Panacea Biotec

Panacea Biotec’s stock hit an intraday low of INR 370.80, shedding 3.66 percent on the BSE. The stock is trading above the 10-day, 20-day, 50-day, 100-day, and 200-day moving averages but below the 5-day moving average. It has increased by 150.6 percent in one year and by 56% since the beginning of the current year.

The shareholding data

• Later, the stock finished 3% down at INR 373.40, compared to the previous closing of INR 384.90. On the BSE, the company’s market capitalization plummeted to INR 2,287.10 crore.
• According to BSE block deal data, Adar Poonawalla sold 31,57,034 shares for INR 373.85 per share, for a total transaction value of INR 118.02 crore.
• According to the shareholding data for March ended quarter, both Poonawalla and SII were public shareholders in the firm and held a 5.15 percent and 4.98 percent stake, respectively.

On April 28, 2021, the stock hit a 52-week high of INR 407.20, and on May 22, 2020, it hit a 52-week low of INR 135.92. The stock is now trading 8.3% below its 52-week high and 175% above its 52-week low.

In addition, the Panacea Biotec has filed a lawsuit in the Hon’ble Delhi High Court, requesting that Sanofi Healthcare India Private Limited refrain from distributing a completely liquid hexavalent vaccination that would infringe on the firm’s patent for EasySix, a fully liquid Whole-Cell Pertussis based completely liquid Hexavalent Vaccine.