Auro Vaccines LLC, 100% subsidiary of Aurobindo Pharma USA Inc., USA, which in turn is 100% subsidiary of Aurobindo Pharma Ltd, has entered into a definitive agreement to acquire certain business assets from Profectus BioSciences Inc., USA., a clinical-stage vaccine development company.
Only assets are acquired for an upfront cash consideration USD 11.29 million with potential earn outs on achieving certain milestones.
The acquisition provides access to - Proprietary & Innovative technology platforms for Prophylactic use & Therapeutic use along with Global R&D center.
The acquisition will lead to enhancement of R &0 capabilities and expertise in developing newer vaccines from basic discovery research into FDA-approved product.
The closing of the transaction is subject to Government approvals & Third Party Consents.
Shares of AUROBINDO PHARMA LTD. was last trading in BSE at Rs.450 as compared to the previous close of Rs. 453.35. The total number of shares traded during the day was 138781 in over 2292 trades.
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