Hyderabad: Laurus Labs Ltd informed the bourses on Thursday that it has signed a definitive agreement to acquire a 60% stake in Galenvs Sciences, a Canadian biotechnology company specialising in precision magnetic nanoparticles and DNA/RNA technologies for advanced diagnostics and therapeutics.
The transaction values Galenvs Sciences at a pre-money valuation of $3.5 million (around Rs 33 crore) and remains subject to due diligence. Laurus said in the regulatory filing that it proposes to invest $3.75 million (around Rs 36 crore), including a primary infusion of $2.75 million, in the Canadian company.
“The investment into Galenvs Sciences marks another pivotal step in Laurus Labs’ strategic evolution as a research-driven organization that has consistently invested ahead of the curve,” said Dr Satyanarayana Chava, founder & CEO, Laurus Labs. Laurus said the investment will bring together capabilities across the oligonucleotide segment, including early-stage process development, conjugation, advanced purification technology and fill-finish services. The company said its experience in large-scale manufacturing involving complex chemistry, fermentation, peptide development and manufacturing, analytical science, drug product formulation and sterile fill-finish will support partners in oligonucleotides.
The investment is aimed at strengthening Laurus Labs’ capabilities in oligonucleotide development and manufacturing and expanding its contract development and manufacturing organisation (CDMO) offerings. You Can Also Check: Gold Rate in Hyderabad | Silver Rate in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad | Hyderabad AQI | Weather in Hyderabad | Petrol Price in Hyderabad | Diesel Price in Hyderabad | CNG Price in Hyderabad | LPG Price in Hyderabad