The current promoters of Richcore led bySubramani Ramachandrappa will continue as promoters and will be responsible for its management and operations,Laurus Labs said.
Laurus Labs will fund the acquisition from its internal accruals and this acquisition will be revenue and PAT accretive, it added.
"We are very excitedon this acquisition, as this gives us entry into the high barrier biotechnology segment. Laurus Labs will bring scale to Richcore' s operations and can become a major player in the biotech contract development and manufacturing organisation (CDMO) space," Laurus Labs CEO Satyanarayana Chava said.
This will also help the companyin becoming a leader in biocatalysis as Richcore brings significant expertise in enzyme developmentfor pharmaceutical and other industrial applications, he added.
"Leveraging the synergies arising from Laurus's experience and Richcore's innovation, we plan to build scale as we continue to serve our existing customers and enter new biotech segments," Richcore Lifesciences Pvt Ltd Chairman and MDSubramani Ramchandrappa said.
Shares of Laurus Labs closed at Rs285.05per scrip on BSE, down 1.62 per cent over previous close.
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