Aurobindo Pharma To Acquire Certain Assets Of Profectus BioSciences
The indicative time period for completion of acquisition is first half of 2020, the firm said.
Aurobindo Pharma Ltd. on Thursday said its subsidiary Auro Vaccines LLC has entered into a pact to acquire certain business assets from Profectus BioSciences Inc. for an upfront cash consideration of $11.29 million [around Rs 80 crore] with potential earn-outs on achieving certain milestones.
Auro Vaccines LLC is a wholly-owned subsidiary of Aurobindo Pharma USA Inc., which, in turn, is a wholly-owned arm of the company, Aurobindo Pharma said in a filing to the BSE.
The indicative time period for completion of acquisition of research and development assets of Profectus BioSciences Inc is first half of 2020, it added. The acquisition provides access to proprietary and innovative technology platforms for prophylactic use and therapeutic use along with global R&D centre, Aurobindo Pharma said.
The acquisition will lead to enhancement of research and development capabilities and expertise in developing newer vaccines from basic discovery research into U.S. FDA-approved product, it added.
Shares of Aurobindo Pharma on Thursday closed 0.69 percent lower at Rs 450.20 per scrip on the BSE.