Drugmaker Aurobindo Pharma Ltd on Thursday said it will increase its stake in vaccine developer Tergene Biotech Pvt. Ltd from 60% to 80% by subscribing to fresh shares in the company.
Aurobindo Pharma will invest Rs 5.65 crore in Tergene to subscribe to 56,50,000 equity shares of Rs 10 each, it said in a stock-exchange disclosure. The investment will be made over a period of time as per Tergene's requirements.
Tergene Biotech is a joint venture between Aurobindo Pharma and the promoters of Tergene. Aurobindo acquired a 60% stake in the company in 2015.
Hyderabad-based Tergene is yet to commence its commercial operations.
Aurobindo Pharma is a leading pharmaceutical company producing oral and injectable generic formulations and active pharmaceutical ingredients. It has 14 manufacturing units and two research and development facilities in India. The US and Europe contribute about 84% of its total formulations revenue.
In 2016-17, Aurobindo Pharma’s consolidated net profit was Rs 2,301.20 crore on a total income of Rs 15,205.75 crore.