Biotech | August 08, 2021
TAKE divests stake in Navitas Life Sciences to HIG
The transaction is expected to close in the Q4FY22
The transaction is expected to close in the Q4FY22
Startup receives US $ 5 million in first round of funding
Complementary business models are the reason for the acquisition
Proceeds from the IPO will be used for the expansion of the Dehradun facility.
The new greenfield manufacturing facility will be operated alongside the Guwahati facility as a parallel unit thereby helping mitigate the risks of a single-location operation
The company proposes to utilise the net proceeds from the fresh issue towards payment of outstanding purchase consideration
Growing R&D budgets of global pharmaceutical companies is the opportunity that Veeda and Bioneeds expect to capitalise on.
Vikas Lifecare has already paid Rs. 25 million to the Advik bankers till date and the remaining amount shall also be paid within July 2021, making Advik a debt free company
In addition to supporting the ongoing development of the first IND-approved product in clinical trials, the proceeds will also be used to expand the 3D printed drug product pipeline
With the acquisition of these further shares, TWPL has now become company's subsidiary.
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