Emcure Unit Marcan to Acquire Remaining Stake in Canada's Mantra Pharma for CAD 50 Million
Pune: Emcure Pharmaceuticals Limited has announced that its subsidiary, Marcan Pharmaceuticals Inc., has entered into share purchase agreements with certain shareholders of Mantra Pharma Inc. to acquire all Class E Special Shares of the Canadian pharmaceutical company for an aggregate cash consideration of CAD 50 million.
The agreements were entered into on July 2, 2026 (EDT), while the acquisition is scheduled for completion on July 3, 2026, subject to requisite compliance with applicable Canadian laws. The company stated that no specific government approvals are required for the transaction.
Following the transaction, Mantra Pharma will continue to remain a 100% subsidiary of Marcan Pharmaceuticals. Marcan is acquiring 100% of Mantra’s Class E Special Shares from certain shareholders in accordance with the Preferred Share Purchase Agreements entered into during the acquisition of Mantra.
Mantra Pharma, incorporated under the laws of Quebec, Canada, is engaged in the marketing and distribution of prescription drugs and natural health products. The company primarily operates in the Canadian market and reported an annual turnover of CAD 96.67 million for FY2026.
The company’s historical turnover stood at approximately CAD 81.01 million in FY2025 and CAD 28.26 million in FY2024. The FY2024 figure represents turnover for the period from November 6, 2023, to March 31, 2024.
Mantra Pharma was formed on November 6, 2023, under the Business Corporation Act (Quebec) through an amalgamation involving several entities, including the erstwhile Mantra Pharma Inc., Myriad Pharma Inc. and Mantra Distribution Inc., among others.
The acquisition constitutes a related-party transaction between two wholly-owned subsidiaries and is exempt under Regulation 23(5) of the SEBI Listing Obligations and Disclosure Requirements Regulations. Emcure Pharmaceuticals stated that the transaction will be undertaken on an arm’s-length basis.
