Emcure Pharmaceuticals has inked pact to acquire remaining 12.05% stake in its subsidiary company -- Gennova Biopharmaceuticals (Gennova). The company has executed Share Transfer Agreements with all the individual shareholders of Gennova for acquisition of 663,865 equity shares Gennova. The company will acquire the stake for a consideration of Rs 231.87 crore payable in cash in one or more tranches.
After completion of the transaction, the Gennova will become a wholly-owned subsidiary of the company. Currently, the company owns 87.95% shareholding in Gennova. Gennova is involved in the business of research and development, manufacturing and marketing of biotechnology-based products.
Emcure Pharmaceuticals is one of the leading Indian pharmaceutical companies engaged in developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
