Dr. Reddy's Laboratories, Inc. acquires Preferred A-1 shares of Edity Therapeutics Ltd

Dr. Reddy's Laboratories, Inc., wholly-owned step-down subsidiary of Dr. Reddy's Laboratories Limited, has acquired 1,014,442 Preferred A-1 shares of Edity Therapeutics Limited ("Edity"), a biotechnology company, equivalent to 6.46% of the shareholding of Edity on fully diluted basis.

The acquisition is done through cash consideration, by way of conversion of SAFE (Simple Agreement for Future Equity) investment of USD 2 Million to Preferred A-1 Shares.

Edity is an Israel based development stage biotechnology company focusing on a breakthrough platform technology for intracellular delivery of therapeutic proteins utilizing immune cells. Therapeutics based on the Edity technology could be useful in multiple therapeutic areas including gene editing, rare genetic disorders, oncology and inflammation.

Edity has not yet commercialized its technology/products and hence does not generate any revenues.

The funds invested by Dr. Reddy's would be utilized by Edity to further develop its technology platform. This includes performing pre-clinical studies for safety and efficacy evaluation, securing intellectual property through patent filings, and exploring licensing opportunities, collaborations, and market entry strategies to optimize the commercial viability of Edity's technology platform.

Shares of Dr. Reddy's Laboratories Limited was last trading in BSE at Rs. 5797.90 as compared to the previous close of Rs. 5848.20. The total number of shares traded during the day was 13402 in over 2537 trades.

The stock hit an intraday high of Rs. 5869.95 and intraday low of 5764.05. The net turnover during the day was Rs. 77848761.00.

Source : Equity Bulls

Keywords

DrReddysLaboratories INE089A01023 StakeAcquisition EdityTherapeutics