Aurobindo Pharma’s subsidiary to acquire business assets from Profectus BioSciences for $11.29 mn
Aurobindo Pharma said that Auro Vaccines LLC, a wholly owned subsidiary of Aurobindo Pharma USA Inc, which, in turn, is a 100% subsidiary of the company, has entered into a definitive agreement to acquire certain business assets from Profectus BioSciences Inc. which is into design and development of preventive and therapeutic vaccines.
The assets are to be acquired for an upfront cash consideration of $11.29 million, with potential earn-outs on achieving certain milestones, the company said.
The acquisition provides access to proprietary and innovative technology platforms for Prophylactic use and therapeutic use along with global R&D center. The acquisition will lead to enhancement of R&D capabilities and expertise in developing newer vaccines from basic discovery research into FDA-approved product.
The closing of the transaction is subject to government approvals and only third party consent.
Source : pharmabiz