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Laurus Labs Ltd has completed the acquisition of 72.55 per cent stake in Richcore Lifesciences Private Ltd.
In November last year, Hyderabad based Laurus inked a definitive agreements with the sellers, i.e. Eight Roads Ventures and VenturEast Proactive Fund and VenturEast Life Fund III etc., to acquire 72.55 pc stake in Bengaluru based Richcore Lifesciences for ₹247 crore.
``We wish to update that the Company on January 20, 2021 has completed the transaction as per the definitive agreements,'' Laurus Labs informed the Bombay Stock Exchange on Wednesday.
With the closure of the transaction, Richcore Lifesciences has become a subsidiary of Laurus.
This acquisition will also help Laurus become a leader in biocatalysis, as Richcore brings significant expertise in enzyme development for pharmaceutical and other industrial applications, the company said earlier.
Richcore, a fast-growing biotech company based in Bengaluru with its advanced R&D and manufacturing facilities, develops and manufactures biotech products critical for manufacturing biological drugs.
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