Aurobindo Pharma to buy specific biz assets of US firm

Hyderabad: Aurobindo Pharma on Thursday said its subsidiary Auro Vaccines LLC has entered into a pact to acquire certain business assets from Profectus BioSciences Inc USA for an upfront cash consideration of $11.29 million (around Rs 80 crore) with potential earn-outs on achieving certain milestones.

Auro Vaccines LLC is a wholly-owned subsidiary of Aurobindo Pharma USA Inc, USA, which is a wholly-owned arm of the company.

The indicative time period for completion of acquisition of research and development assets of Profectus BioSciences Inc is first half of 2020, it added.

The acquisition provides access to proprietary and innovative technology platforms for prophylactic use and therapeutic use along with global R&D center, Aurobindo Pharma said.