Natco Pharma said that its wholly owned Canadian subsidiary, Natco Pharma (Canada) made an investment of $8 million in biotechnology company, eGenesis for developing safe and effective human-compatible organs for transplant.
eGenesis is engaged in using its multiplex gene editing and genome engineering platform to transform solid organ and therapeutic cell transplantation for the treatment of serious diseases.
The company plans to acquire 4,06,29,761 shares on investing $8 million in eGenesis. The acquisition is expected to be completed on 30 September 2024.
In March 2024, eGenesis announced the worlds first porcine kidney transplant in a living patient. The transplant was authorized by the U.S. Food & Drug Administration (FDA) under the expanded access pathway.
eGenesis is pioneering a genome engineering-based approach in the development of safe and effective transplantable organs to end the global organ shortage and transform the treatment of organ failure.
The eGenesis Genome Engineering and Production (EGEN) Platform is the only technology of its kind to comprehensively address cross-species molecular incompatibilities and viral risk via genetic engineering to improve the lives of patients in need of a transplant. eGenesis is advancing development programs for kidney transplant, acute liver failure, and heart transplant.
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Rajeev Nannapaneni, vice chairman and CEO of Natco Pharma, said, We agree with the vision of eGenesis that xenotransplantation technology has the potential to end the global transplant shortage and transforming the treatment of organ failure by eliminating waitlist mortality.
Natco Pharma is engaged in the business of pharmaceuticals which comprises research and development, manufacturing and selling of bulk drugs and finished dosage formulations. The company has manufacturing facilities in India which caters to both domestic and international markets including regulated markets like United States of America and Europe.
The companys consolidated net profit surged 59.05% to Rs 668.5 crore in Q1 FY25 as against Rs 420.3 crore reported in Q1 FY24. Revenue from operations was at Rs 1,362.6 crore in Q1 FY25, up 19.47% from Rs 1140.5 crore posted in Q1 FY24.
Shares of Natco Pharma shed 0.31% to Rs 1,524.05 on the BSE.
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