Alkem Lab to sell 8% stake in Enzene Biosciences

Alkem Laboratories has informed exchanges that Eight Roads Ventures India Healthcare IV LP and F-Prime Capital Partners Life Sciences Fund VI LP will pick an 8% stake in Alkem subsidiary Enzene Biosciences for Rs 161.48 crore.

The transaction is expected to be completed by January 2023. The funds will be used for capacity expansion in India and the US.

Enzene Biosciences was incorporated on 28 August 2006. It is engaged in the business of (i) research & development, manufacturing and out licensing of biosimilar products (ii) contract development and/or manufacturing for biosimilars, novel biologics, within India and/or outside India. Its turnover for financial year 2021-2022 was Rs 8.72 crore.

 

Alkem Laboratories is engaged in pharmaceutical business with global operations. The company is engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products.

The company's consolidated net profit declined 39.2% to Rs 330.84 crore on 10% rise in net sales to Rs 3,079.37 crore in Q2 FY23 over Q2 FY22.

Alkem Laboratories shed 0.03% to Rs 3,037 on the BSE.

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