Aurobindo Pharma to hike stake in Tergene Biotech

Pharmaceutical major Aurobindo Pharma plans to increase its stake in Tergene Biotech. Tergene Biotech is a 60:40 joint venture between the company and the promoters of Tergene.
 
As agreed among the JV partners, the company will increase its stake in Tergene Biotech Private Ltd. from 60% to 80% by subscribing to additional 56,50,000 equity shares of Rs 10 each at par, aggregating to Rs 5.65 crore.

Tergene Biotech is engaged in the vaccine development industry. Till date, Aurobindo Pharma has acquired 3.25% and will continue to acquire the balance 16.75% over a period of time. Meanwhile, the stock ended lower by 5.84% at Rs 684.15 per share on the BSE during Wednesday’s trade.
 
Aurobindo Pharma produces oral and injectable generic formulations and active pharmaceutical ingredients (APIs).