Emcure Pharmaceuticals Limited informed stock exchanges on July 03, 2026 that its subsidiary Marcan Pharmaceuticals Inc. acquired 100% of Class E Special Shares in Mantra Pharma Inc. for CAD 50 million in cash on July 02, 2026. The disclosure was made under Regulation 30 of SEBI LODR Regulations.
Mantra Pharma Inc. incorporated under Quebec law, markets and distributes prescription drugs and natural health products in Canada. Mantra reported annual turnover of CAD 96.67 million for financial year 2026, up from CAD 81.01 million in 2025 and CAD 28.26 million for the November 2023 to March 2024 period.
Mantra was formed on November 06, 2023 under the Business Corporation Act (Quebec) through the amalgamation of nine entities. These included 9501-2969 Québec Inc. the erstwhile Mantra Pharma Inc. Myriad Pharma Inc. Mantra Distribution Inc. Holding JFL Inc. Gestion Nirdac Inc. Gestion Stéphane Turcotte Inc. Gestion Beflan Inc. and Gestion Éléoraph Inc.
The issued share capital of Mantra comprises 1,000 Class A Common Shares and 24,000,000 Class E Special Shares without par value. Marcan acquired all of the Class E Special Shares from certain shareholders pursuant to Preferred Share Purchase Agreements entered into during the earlier amalgamation transaction.
The acquisition constitutes a related party transaction between two wholly-owned subsidiaries, exempted under Regulation 23(5) of SEBI LODR Regulations and conducted at arm's length. Neither the promoter nor promoter group holds any interest in Mantra beyond its status as a step-down subsidiary. Mantra continues as a 100% subsidiary of Marcan and consequently of Emcure.
No specific government approvals are required for the transaction, subject to requisite compliances under applicable Canadian laws. The acquisition was completed on July 03, 2026.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.