Dr. Reddy’s Laboratories has acquired 6.46 per cent of the shareholding of Edity Therapeutics Ltd, an Israel-based development stage biotechnology company. As part of the acquisition, Hyderabad-based Dr. Reddy’s acquired 1,014,442 preferred A-1 shares of Edity on a fully diluted basis for a cash consideration, by way of conversion of Simple Agreement for Future Equity investment of $2 million to Preferred A-1 shares. The shares were acquired at $1.9715 per Preferred A-1 share.
Edity is an Israeli development stage biotechnology company focussing on a breakthrough platform technology for intracellular delivery of therapeutic proteins utilising immune cells. Therapeutics based on the Edity technology could be useful in multiple therapeutic areas, including gene editing, rare genetic disorders, oncology and inflammation. Edity has not yet commercialised its technology/products and, hence, does not generate any revenues.
“The funds invested by Dr. Reddy’s will be utilised by Edity to further develop its technology platform. This includes performing pre-clinical studies for safety and efficacy evaluation, securing intellectual property through patent filings, and exploring licensing opportunities, collaborations, and market entry strategies to optimize the commercial viability of Edity’s technology platform,’‘ the company informed the BSE on Friday.