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Laurus Labs share rises 5% after firm buys 73% stake in Richcore Lifesciences

Share of Laurus Labs gained 4.82% to Rs 298.80 against the previous close of Rs 285.05 on BSE. The stock has gained after 2 days of consecutive fall

twitter-logoBusinessToday.In | November 26, 2020 | Updated 10:43 IST
Laurus Labs share rises 5% after firm buys 73% stake in Richcore Lifesciences
Laurus Labs stock opened with a gain of 3.46% at Rs 294.90

Laurus Labs share rose 5% in early trade on Thursday after the pharma firm inked a definitive agreement to acquire 72.55% of Richcore's stake from Eight Roads Ventures and VenturEast for Rs 246.67 crore.

Share of Laurus Labs gained 4.82% to Rs 298.80 against the previous close of Rs 285.05 on BSE. The stock has gained after 2 days of consecutive fall.

Laurus Labs stock opened with a gain of 3.46% at Rs 294.90.

The share trades higher than 5 day, 20 day, 100 day and 200 day moving averages but lower than 50 day moving averages. The mid cap share has gained 333% in one year and risen 306% since the beginning of this year.

Market cap of the pharma firm rose to Rs 15,651 crore on BSE. The share has gained 395% from 52 week low of Rs 59.

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"This acquisition marks Laurus Labs' entry into the broader biologics and biotechnology segments, providing the company access to its high growth areas, globally and in India," Laurus Labs said.

Richcore is a biotech company based in Bengaluru and develops products critical for biological drugs; it also helps global customers contract research and scale-up their bioprocesses by providing contract research, development, and manufacturing services.

Richcore has large scale fermentation capabilities and manufactures animal origin free (AOF) recombinant products.

"These products help vaccine, insulin, stem-cell based regenerative medicine and other biopharma companies eliminate dependency on animal and human blood derived products and in turn produce safer medicines," it added.

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