Mankind Pharma Clears Broadway Hospitality Sale, Plans Netherlands R&D Vehicle

MT Newswires Live

Jul 13

Mankind Pharma (BOM:543904, NSE:MANKIND) approved the sale of its wholly owned subsidiary, Broadway Hospitality Services, according to an exchange filing Saturday.

The company will sell its entire stake in Broadway to AKRK Projects and Partners for 4.90 billion rupees, subject to closing adjustments.

The transaction is expected to be completed within 90 days as part of Mankind Pharma's strategy to divest non-core assets.

Separately, Mankind Pharma approved the incorporation of a wholly owned subsidiary in the Netherlands as a special purpose vehicle to hold R&D investments and support business development in niche therapies.

The company plans to invest up to 5 million euros in the Dutch unit in one or more tranches to fund its setup, operations, procurement, and future investments.

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