Laurus has announced acquisition of 72.55% stake in Richcore Lifesciences, a Bangalore-based company for a consideration of Rs 2.5 bn, valuing Richcore at Rs 3.4 bn.
Laurus has announced acquisition of 72.55% stake in Richcore Lifesciences, a Bangalore-based company for a consideration of Rs 2.5 bn, valuing Richcore at Rs 3.4 bn. Richcore posted 1HFY21 revenues and EBITDA of Rs 291 mn and Rs 113 mn, implying a valuation of 6X FY2021 revenues and 15X FY2021 EBITDA (annualised). The acquisition will be funded through internal accruals and will be completed within three months. The current promoters will remain with the company and continue to run operations with Laurus buying out existing PE investors Eight Roads and VenturEast. Richcore provides Laurus with capabilities in fermentation-based products, animal-origin free recombinant products and offers potential entry into biotechnology CDMO space.
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