Natco Pharma Hikes eGenesis Investment to Rs 139 Crore, Total Exposure Rises to Rs 206 Crore
New Delhi: Natco Pharma Ltd on Monday said it has decided to increase its proposed investment in US-based biotechnology firm eGenesis Inc to USD 16.70 million (around Rs 139 crore) from the previously disclosed amount of USD 14 million.
Under the revised structure, NATCO Pharma (Canada) Inc will invest USD 13.70 million, while NATCO Pharma USA LLC will contribute USD 3 million, according to a regulatory filing.
The transaction involves cash consideration for purchasing convertible promissory notes bearing an interest rate of 8 per cent compounded annually. No additional shares are being acquired at the time of completion, which is expected by October 31.
Natco had invested USD 8 million in eGenesis in 2024 through NATCO Pharma (Canada) Inc. Upon completion of the proposed transaction, the drug maker's total investment in eGenesis will rise to USD 24.70 million.
The company said the investment is aimed at backing new-age therapeutic programmes addressing critical unmet medical needs.
