Laurus Labs acquires majority stake in Richcore Lifesciences

Drug firm Laurus Labs on Wednesday said it has acquired majority stake in Bengaluru-based biotech company Richcore Lifesciences marking its entry into the biotechnology segment.

In a regulatory filing in November last year, Laurus Labs had said it has signed definitive agreements with Eight Roads Ventures and VenturEast Proactive Fund and VenturEast Life Fund III, to acquire 72.55 per cent stake in Richcore Lifesciences Pvt Ltd by way of cash consideration of Rs 246.67 crore.

The company has completed the transaction as per the definitive agreements, Laurus Labs said in a BSE filing.

With this transaction and effective from Wednesday, Richcore Lifesciences Pvt Ltd has become a ''subsidiary company'' of Laurus Labs, it added.

Shares of Laurus Labs closed at Rs 371.95 per scrip on BSE, up 2.45 per cent over previous close.