Aurobindo Pharma subsidiary to acquire assets from Profectus BioSciences
Auro Vaccines LLC, a 100% subsidiary of Aurobindo Pharma USA Inc., USA, has entered into a definitive agreement to acquire certain business assets from Profectus BioSciences Inc., USA., a clinical-stage vaccine development company.
This acquisition provides the company the access to proprietary and innovative technology platforms for prophylactic use and therapeutic use, along with global R&D centre. This will also lead to the enhancement of R&D capabilities and expertise in developing newer vaccines from basic discovery research into FDA approved product.
The closing of the transaction is subject to Government approvals required for the acquisition and third party consents and is expected to be completed by H1FY20. It is acquiring assets for an upfront cash consideration of US$11.29 million, with potential earn outs on achieving certain milestones.
The company stated that it is acquiring R&D and product development assets that would help it develop products for commercialization.
On Thursday, the stock of Aurobindo Pharma closed at Rs. 450.20. On Friday, it opened at Rs. 455.05 and surged 2.7 per cent to Rs. 462.20.