Aurobindo Pharma arm to buy certain biz assets of Profectus BioSciences

Aurobindo Pharma on Thursday said its subsidiary Auro Vaccines LLC has entered into a pact to acquire certain business assets from Profectus BioSciences Inc USA for an upfront cash consideration of USD 11.29 million (around Rs 80 crore) with potential earn-outs on achieving certain milestones.

Auro Vaccines LLC is a wholly-owned subsidiary of Aurobindo Pharma USA Inc, USA, which is a wholly-owned arm of the company, Aurobindo Pharma said in a filing to the BSE.

The indicative time period for completion of acquisition of research and development assets of Profectus BioSciences Inc is first half of 2020, it added.

The acqusition provides access to proprietary and innovative technology platforms for prophylactic use and therapeutic use along with global R&D center, Aurobindo Pharma said.

The acquisition will lead to enhancement of research and development capabilities and expertise in developing newer vaccines from basic discovery research into FDA-approved product, it added.

Shares of Aurobindo Pharma on Thursday closed 0.69 per cent lower at Rs 450.20 per scrip on the BSE.