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Business

Orchid Pharmaceuticals investment was a mistake, says billionaire Adar Poonawalla

Updated : October 11, 2018 12:09 PM IST

No merit in acquiring Panacea Biotech: Adar Poonawalla

Promoter of Panacea Biotech want to continue running the company: Adar Poonawalla

No plans to do anything with stake in Panacea Biotech: Adar Poonawalla

Billionaire Adar Poonawalla, the CEO of one of the world's largest vaccine maker Serum Institute of India, also has regrets. In an interaction with CNBC-TV18, Poonawalla said his biggest mistake was investing in Orchid Pharma.

"Investments in Orchid Pharmaceuticals was perhaps the single mistake we have ever made," said Adar Poonawalla on Thursday.

Adar's father Cyrus Poonawalla and his affiliated firms had acquired around 14 percent stake in Orchid over a period of time. Cyrus had later filed a Company Petition alleging certain acts of oppression and mismanagement in the affairs of Orchid Pharma .

When asked about acquiring Orchid, he said, “We tried to but we had issues with the existing CEO and promoter and that didn’t work out.”

“The debt that they kept taking was without anyone’s consent and they sort of went further into a mess. We just now are getting out of it at whatever value we can,” he said.

Talking about his investments and tie-ups with companies in the listed space, Adar Poonawala said his nearly 15 percent stake in Panacea Biotech is just strategic while tie-up with Cipla is only limited to South Africa.

On the business front, Poonawala said, “We are going to stick to making vaccines and at the most diversify into our new NBFC that we have formed to enter the financial services area.”

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