Mankind Pharma has announced that its board of directors will convene on September 24, 2024, to discuss and potentially approve a proposal to raise funds through the issuance of various securities. The company is considering multiple options, including non-convertible debentures, commercial papers, and other forms of debt securities, according to a regulatory filing.
The exact amount Mankind Pharma aims to raise has not yet been disclosed. The move is seen as part of the company’s broader strategy to strengthen its financial position and support ongoing business initiatives.
Mankind Pharma, a major player in the pharmaceutical and healthcare industry, specializes in the development, manufacturing, and marketing of a wide range of pharmaceutical formulations and consumer healthcare products.
As outlined in a recent investor presentation, the company is focused on expanding its consumer healthcare business through product line extensions, new launches, and premiumisation strategies. Mankind plans to capitalise on its existing brand equity and explore additional distribution models to enhance market reach.
In addition, the company is aiming to boost the value of its prescriptions in the current market and increase its presence in the chronic segment by growing its footprint in existing therapeutic areas.
The notice to stock exchanges dated September 17 stated that the Board of Directors of the Company will meet on September 20, 2024, to consider and approve the raising of funds through the issuance of non-convertible debentures, commercial papers, other debt securities, or a combination thereof, for an amount to be determined by the Board
This proposed fundraising aims to support Mankind Pharma’s ambitions for growth and expansion in both its pharmaceutical and consumer healthcare portfolios.
