Debt-Laden Panacea's Shares Soar As $144m Rescue Agreed

A distressed asset fund run by Bain Capital Credit and Piramal Enterprises agrees a $144m bailout for financially ailing Indian vaccines specialist Panacea Biotec.

Rescue-at-sea
Rescue Plan For Panacea • Source: Shutterstock

The India Resurgence Fund, run by global investment firm Bain Capital Credit and the Piramal Enterprises Ltd. conglomerate, has unveiled a rescue package worth up to $144m (INR9.92bn) for debt-laden Indian vaccines maker Panacea Biotec Ltd., which has been struggling to get back on its financial feet for nearly a decade.

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