3B BlackBio acquires majority stake in HS Biolabs Ltd

3B Blackbio Biotech India Limited (3B BlackBio), a molecular diagnostics provider based in India, has announced a deal with its European distributor, HS BioLabs Ltd based in Manchester, UK.

This agreement will allow 3B BlackBio to become a major shareholder of HS BioLabs Ltd and thereby forming its European subsidiary. With this transaction 3B BlackBio will acquire 70% shares in the new subsidiary for an undisclosed amount. HS BioLabs Ltd will be rebranded as TRUPCR Europe Ltd. The TRUPCR® range of kits offers one of the largest and the most unique range of molecular diagnostic assays in oncology and infectious disease.

This investment is in line with the company's vision to accelerate growth of the TRUPCR® range of molecular diagnostic kits within the European market. The European subsidiary will focus on becoming accredited for ISO13485:2016 and begin research & development as well as manufacturing. This will enhance customer service allowing the assays to be developed, supplied, and supported quickly throughout European region. The subsidiary intends to launch a range of NGS assays later in the year.

The initial investment will be used to setup R&D and Manufacturing base in Manchester, as well as increase recruitment in all areas of the business including Sales & Marketing, Production and R&D.

Dhirendra Dubey, CEO of 3B BlackBio said 'We are delighted to announce this deal which will allow us to grow quickly in one of the largest global markets. The deal is in line with our strategic plan as we look to significantly grow over the next 3 years. Harminder Singh, CEO of HS BioLabs Ltd said 'With the additional support from 3B BlackBio we are confident we will be able to meet our ambitious growth targets as well as start developing and manufacturing kits in the UK. This is a major milestone for both companies.'

Shares of KILPEST INDIA LTD. was last trading in BSE at Rs. 451.20 as compared to the previous close of Rs. 429.00. The total number of shares traded during the day was 12454 in over 536 trades.

The stock hit an intraday high of Rs. 455.00 and intraday low of 432.30. The net turnover during the day was Rs. 5592021.00.

Source : Equity Bulls

Keywords

KILPESTINDIALTD INE994E01018 Agrochemicals 3BBlackbioBiotechIndia HSBioLabs