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Laurus Labs to acquire 72.55% stake in Richcore Lifesciences

Capital Market 

Laurus Labs has signed definitive agreements with the sellers i.e.

Eight Roads Ventures and VenturEast Proactive Fund and VenturEast Life Fund III, to acquire 72.55% stake in Richcore Lifesciences (Richcore), a Biotechnology Company, subject to completion of conditions precedent, by way of cash consideration of Rs. 246.67 crore.

This acquisition marks the Company entry into the broader biologics and biotechnology segments. Post this acquisition, Richcore shall become a Subsidiary Company of the Company and the Company will drive scale and operations at Richcore to enable it to become a dominant player in the biotechnology segment.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, November 25 2020. 18:15 IST