Laurus Labs signs pact to acquire majority stake in Richcore Lifesciences

Hyderabad, Nov 25 (PTI): Laurus Labs on Wednesday said it signed a definitive agreement to acquire a majority stake in Richcore Lifesciences Pvt Ltd, a Bengaluru-based biotech company. Laurus Labs will fund the acquisition from its internal accruals and this acquisition will be revenue and profit accretive, the release added. Richcore has advanced Research and Development and manufacturing facilities and develops and manufactures biotech products.

Hyderabad, Nov 25 (PTI): Laurus Labs on Wednesday said it signed a definitive agreement to acquire a majority stake in Richcore Lifesciences Pvt Ltd, a Bengaluru-based biotech company. Laurus Labs has signed a definitive agreement to acquire 72.55 per cent of Richcore's shares from Eight Roads Ventures and VenturEast for Rs 246.7 crore, a press release from the city-based drug maker saidsaid.

The current promoters of Richcore, led by Subramani Ramachandrappa, will continue as promoters and will be responsible for its management and operations. Laurus Labs will fund the acquisition from its internal accruals and this acquisition will be revenue and profit accretive, the release added.

Richcore has advanced Research and Development and manufacturing facilities and develops and manufactures biotech products. It also helps its global customers develop and scale-up their bioprocesses by providing contract research, development and manufacturing services.