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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.
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A promising deal: Laurus Labs acquisition of Richcore Lifesciences
The buy will give Laurus Labs access to the biotech space, and captive fermentation capacities.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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