Laurus Labs signed an agreement to acquire a 772.55 percent stake of Richcore’s shares from Eight Roads Venture and Ventureast for a value of Rs 246.7 crores.
Richcore has advanced R&D and manufacturing facilities, develops and manufacturing biotech products critical for manufacturing biological drugs. It aims to develop and grow its bioprocesses by providing contract research, development, and manufacturing services.
The current promoters of Richcore, Subramani Ramachandrappa will continue this position and will also be responsible for its management and operations. Laurus Lab will control its internal accruals and this acquisition will be revenue and PAT accretive.
CEO of Laurus Labs, Dr Satyanarayana Chava said, “Laurus will bring scale to Richcore’s operations and can become a major player in the biotech CDMO space. This will also help Laurus in becoming a leader in biocatalysts as Richcore brings significant expertise in enzyme development for pharmaceutical and other industrial applications.”
Richcore Lifesciences, CMD, Subramani Ramchandrappa said, “Richcore and Laurus Labs’ coming together marks the convergence of biotechnology and chemistry faculties. Leveraging the synergies arising from Laurus’s experience and Richcore’s innovation, we plan to build as we continue to serve our existing customers and enter new biotech segments.”
