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India’s Panacea Biotec Makes Move Into Hospital Sector

This article was originally published in PharmAsia News

Executive Summary

Panacea Biotec, an Indian producer of vaccines, is diversifying into the hospital business by buying 75 percent of a 220-bed multi-specialty hospital set to open in 2010. The drug maker signed an agreement with Umkal Medicals' shareholders to purchase control of the firm, which already owns three hospitals. Panacea's interest is in the budding project in Gurgaon, where Umkal is based. A Panacea managing director said the firm's plan is to enter the health care segment and is considering its own hospital chain. (Click here for more
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