Laurus labs to acquire 60 pc stake in Canadian Biotech firm
Hyderabad, Oct 29 (TNT) : Laurus Labs Ltd on Thursday announceed that it has signed a definitive agreement to acquire a 60 per cent stake in Canadian biotechnology company Galenvs Sciences for a proposed investment of USD 3.75 million to expand its capabilities in oligonucleotide development and manufacturing.
The agreement signed , values Galenvs Sciences at USD 3.5 million on a pre-money basis and is subject to due diligence.
The proposed investment includes a primary infusion of USD 2.75 million, the Hyderabad pharmaceutical company said in a release.
Based in Montréal, Québec, Galenvs Sciences specialises in precision magnetic nanoparticles and DNA/RNA technologies for advanced diagnostics and therapeutics.
The investment is expected to strengthen Laurus Labs’ capabilities in TIDES therapeutics and contract development and manufacturing organisation (CDMO) services, particularly in the growing DNA/RNA-based therapeutics segment.
The partnership will combine Galenvs’ technology platforms with Laurus Labs’ research, development and manufacturing capabilities to support customers from early-stage oligonucleotide process development to large-scale manufacturing.
Laurus Labs founder and CEO Satyanarayana Chava said the investment would strengthen the company’s technological capabilities and support the development of advanced therapeutics at scale and affordable cost.
The combined capabilities will cover oligonucleotide process development, conjugation, advanced purification and fill-finish operations, alongside Laurus Labs’ expertise in complex chemistry, fermentation, peptide manufacturing, analytical science and sterile fill-finish.
The companies also plan to expand scientific capabilities in Montréal and manufacturing infrastructure in India.
Galenvs Sciences founder and CEO Jamal Daoud said the partnership would help combine the company’s specialised technologies with Laurus Labs’ development and manufacturing infrastructure to serve customers globally.
Galenvs will continue under Laurus Labs’ ownership, retaining its scientific capabilities, technological expertise and customer-focused approach, according to the announcement.
TNT TS
