Panacea to buy 20% stake in PharmAthene
USA-based PharmAthene, a biodefense company developing medical countermeasures against biological and chemical threats, says it has entered into an alliance with Indian vaccines group Panacea Biotec that includes a strategic equity investment in the US firm, through its subsidiary, Kelisia Holding, of $13.1 million in exchange for the sale of common stock and warrants. This would give the Indian company a stake of just under 20% in PharmAthene. Under the financing, Panacea's affiliate has agreed to buy around 3.73 million shares of PharmAthene stock at a price of $3.50 per share, a 90% premium on the US group's closing price on September 29.
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