Laurus Labs gains 5% as it buys 72.55% stake in Richcore Lifesciences
Published On: Thursday, November 26, 2020 | By: Team KnowMyStock
Shares of Indian drugmaker Laurus Labs rose 5 per cent to Rs 298.80 on the BSE on Thursday after the company said it has signed definitive agreement to acquire a 72.55 per cent stake in Bengaluru-based Richcore Lifesciences from Eight Roads Ventures and VenturEast Pvt Ltd for ₹247 crores. Richcore, a biotech company based in Bengaluru, with advanced R&D and manufacturing facilities, develops products critical for biological drugs. Richcore also helps its global customers develop and scale-up their bioprocesses by providing contract research, development, and manufacturing services.“This acquisition marks Laurus Labs’ entry into the broader biologics and biotechnology segments, providing the company access to its high growth areas, globally and in India," Laurus Labs said. With this acquisition, Laurus adds a fourth revenue stream to its three existing divisions — API, formulations and synthesis.
Following the successful closure of the transaction, Richcore will be renamed to Laurus Bio Pvt Ltd, it said.
“Laurus Labs will bring scale to Richcore’ s operations and can become a major player in the biotech CDMO space .
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