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Rallis India to sell its entire stake in Advinus to Eurofins Pharmaqrcode

Jul. 21, 2017

Favorites Print Jul. 21, 2017
Rallis India Ltd., on Thursday announced the sale of its entire stake in contract research business Advinus Therapeutics to Eurofins Pharma Services Lux Holdings for Rs 17.32 crore.

Eurofins Pharma, known for its expertise in bioanalytical testing, will purchase Advinus’ 13.68 percent stake at Rs 9.47 per share, Rallis India said in an exchange filling.

Advinus is owned by Tata Sons, Tata Industries and Rallis India and a few individual shareholders. The transaction is expected to close in the “next several weeks”, Tata Sons said in a separate statement.

As part of deal, the drug discovery operations of the Tata Group-promoted company, which deals in research and development services, will be transferred to Impetis Biosciences. Rallis will buy 13.7 percent stake in Impetis for about Rs 3.5 crore, the exchange filing added.

"With access to Eurofins’ global network and technical competencies, Advinus will be able to rapidly expand its analytical portfolio and services to benefit all its existing and future clients,” KRS Jamwal, Chairman of Advinus and Executive Director of Tata Industries said.

As part of the deal, Rallis will be released of its Rs 45.60 crore gaurantee for Advinus’ borrowings.

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Source: Bloomberg


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