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Laurus Labs arms gets invt from Eight Roads Ventures, F-Prime Capital As on : 07-Dec-24  13:48

Additionally, Laurus Labs will co-invest Rs 40 crore at the same valuation. The promoters of Laurus Bio have been issued share warrants, exercisable within two years from the date of issue at the same valuation. Laurus Labs and Eight Roads Ventures have the right to invest up to an additional Rs 35 crore before December 2025 at the same valuation.

Upon completion of the transaction, Laurus Labs, Eight Roads Ventures, and the promoters of Laurus Bio will hold 75%, 14%, and 9% stakes, respectively, on a fully diluted basis. The company will use the equity infusion to expand its fermentation-based manufacturing capabilities to meet growing customer demand.

Satyanarayana Chava, founder & CEO of Laurus Labs, and Rajesh Krishnamurthy, CEO of Laurus Bio, commented, 'We are pleased to announce rejoining the partnership with Eight Roads Ventures and Laurus Lab's continued commitment with an additional investment into Laurus Bio. The company, promoters of Laurus Bio, Eight Roads Ventures, and F-Prime Capital will drive expansion of the manufacturing and R&D infrastructure to further accelerate growth opportunities.

Eight Roads Ventures brings a global network, relevant industry experience, and a strong track record of biopharmaceuticals and CDMO investing. This investment will enable the company to further expand and accelerate microbial-fermentation capabilities, including faster development of new products, speed-up internal pipeline, enhancing high-quality commercial-scale capacity to partners, and growing our industry position.'

Prem Pavoor, Managing Partner, Eight Roads Ventures India, said, 'We are thrilled to re-unite with two of our former partners, Laurus Labs & Laurus Bio, who have built a best-in-class biomanufacturing platform to cater to the growing global demand for sustainable manufacturing technologies. Biomanufacturing is already being utilized across a range of industries, including personal care, materials, food and nutrition, and pharmaceuticals. We are looking forward to growing Laurus Bio into a global leader in this emerging segment.'

Laurus Labs is a fully integrated pharmaceutical and biotechnology company with a leadership position in generic active pharmaceutical ingredients (APIs) and a major focus on anti-retroviral, oncology drugs, cardiovascular, gastro, and hepatitis C therapeutics. The company also develops and manufactures oral solid formulations and provides contract research and manufacturing services (CRAMS) to global pharma companies.

The company's consolidated net profit tumbled 46.35% to Rs 19.84 crore in Q2 FY25 as against Rs 36.95 crore posted in Q2 FY24. Net sales marginally declined to Rs 1,223.70 crore in Q2 FY25 from Rs 1,224.45 crore reported in Q2 FY24.

Shares of JSW Energy rose 0.25% to close at Rs 589.60 on Friday, 6 December 2024.

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