Exclusive: Panacea Biotec to acquire Power Gummies

Pharma major Panacea Biotec Pharma Limited is set to acquire nutraceutical brand Power Gummies, according to sources aware of the matter.

“The transaction is close to being finalized. Panacea Biotec will acquire the entire stake in Power Gummies, including its patents and trademarks,” said one of the sources. The person requested anonymity.

Regulatory filings reviewed by Entrackr show that the company is divesting certain assets to Panacea Biotec Pharma Limited, with the proceeds earmarked primarily for debt repayment.

Founded in 2018, Power Gummies has positioned itself as a health and wellness brand tailored for modern lifestyles. It claims to offer unique formulations validated by WHO-standard clinical trials, backed by strong R&D and sustainable manufacturing practices. The company’s portfolio spans across categories including hair, skin, sleep, immunity, stamina, and gut health.

As per sources, the deal is in the last leg and all terms and conditions have been finalised. 

Responding to Entrackr’s queries, Power Gummies’ founder and CEO Divij Bajaj said, “As part of the business strategic realignment process, we continuously review our portfolio. In line with this strategy, we may divest brands to a reputed pharmaceutical company to continue to build Happiness for our customers. As of now as we are still evaluating.”

Queries sent to Panacea Biotec did not elicit a response until publication of the story.

According to the startup data intelligence platform TheKredible, Power Gummies has raised around Rs 76.6 crore ($9 million), including its $6 million Series A funding led by 9Unicorns (now 100Unicorns). The company also raised Rs 10 crore from Jaipuria Family Office and Quadrant in December last year.

For the fiscal year ending in March 2024, Power Gummies reported an operating revenue of Rs 17.4 crore against Rs 21.1 crore in FY23. Its net loss widened to Rs 21 crore from Rs 19.1 crore year-on-year.

Panacea Biotec, which offloaded its domestic formulations business to Mankind Pharma in 2022 for about Rs 1,900 crore, is now eyeing growth through acquisitions. Its planned takeover of Power Gummies signals a pivot towards the nutraceutical and lifestyle wellness space, expanding beyond its traditional pharma and vaccine portfolio.