Aurobindo Pharma advanced 1.87% to Rs 458.60 after the company informed that its US-based subsidiary has entered into an agreement to acquire certain business assets from Profectus BioSciences Inc., USA.
Aurobindo Pharma after market hours yesterday, 28 November 2019 said that Auro Vaccines LLC, 100% subsidiary of Aurobindo Pharma USA Inc., USA, which in turn is 100% subsidiary of the company, has entered into a definitive agreement to acquire certain business assets from Profectus BioSciences Inc., USA.
Profectus BioSciences Inc. is a clinical-stage vaccine development company in the design and development of preventive and therapeutic vaccines.
The acquisition will provide Aurobindo access to proprietary & innovative technology platforms for prophylactic use & therapeutic use along with global R&D center. It will lead to enhancement of R&D capabilities and expertise in developing newer vaccines from basic discovery research into FDA-approved product.
The pharma company expects to complete the transaction by the first half of 2020, subject to Government approvals and third party consents.
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The acquisition is being done on a cash consideration, with the total cost of the assets acquired aggregating to $11.29 million with potential earn outs on achieving certain milestones.
Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients. The company's product portfolio comprises of therapeutic/product areas encompassing antibiotics, anti-retroviral, CVS, CNS, gastroenterological, pain management and anti-allergic.
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