Laurus Labs Limited invests in Laurus Bio Pvt Ltd

Laurus Labs Ltd today announced that its subsidiary, Laurus Bio, has signed a definitive agreement for an equity investment of ₹ 120 Cr from Eight Roads Ventures and F-Prime Capital. Laurus Labs also agreed to co-invest an additional ₹ 40 Cr at the same valuation.

The Promoters of Laurus Bio have also been issued share warrants, exercisable up to two years from the date of issue at the same valuation. Laurus Labs or Eight Roads Ventures have the right to invest up to an additional amount of ₹ 35 Cr before Dec 2025 at the same valuation.

Upon completion of the transaction, the Company, Eight Roads Ventures and the Promoters of Laurus Bio will hold 75%, 14% and 9% stake respectively on a fully diluted basis. The Company will utilize the equity infusion for further expansion of its fermentation-based manufacturing capabilities in order to cater to growing customer demand.

Dr. Satyanarayana Chava, Founder & CEO of Laurus Labs and Rajesh Krishnamurthy, CEO of Laurus Bio commented; "We are pleased to announce rejoining the partnership with Eight Roads Ventures and Laurus Lab's continued commitment with an additional investment into Laurus Bio. The Company, promoters of Laurus Bio, Eight Roads Ventures and F-Prime Capital will drive expansion of the manufacturing and R&D infrastructure to further accelerate growth opportunities. Eight Roads Ventures brings a global network, relevant industry experience and a strong track record of biopharmaceuticals and CDMO investing. This investment will enable the company to further expand and accelerate microbial-fermentation capabilities, including faster development of new products, speed-up internal pipeline, enhancing high quality commercial-scale capacity to partners and growing our industry position."

Dr. Prem Pavoor, Managing Partner, Eight Roads Ventures India, commented: "We are thrilled to re-unite with two of our former partners - Laurus Labs & Laurus Bio (formerly Richcore Lifesciences) who have built a best-in-class biomanufacturing platform to cater to the growing global demand for sustainable manufacturing technologies. Biomanufacturing is already being utilized across a range of industries including personal care, materials, food and nutrition and pharmaceuticals. We are looking forward to growing Laurus Bio into a global leader in this emerging segment."

Shares of Laurus Labs Limited was last trading in BSE at Rs. 588.15 as compared to the previous close of Rs. 583.45. The total number of shares traded during the day was 82334 in over 4036 trades.

The stock hit an intraday high of Rs. 591.90 and intraday low of 582.45. The net turnover during the day was Rs. 48400590.00.

Source : Equity Bulls

Keywords

LaurusLabs INE947Q01028 LaurusBio Investment