Alkem Labs to sell 8% stake in arm Enzene Biosciences for Rs 161.48 crore

Drug firm Alkem Laboratories on Friday said the company is selling an 8 percent stake in Enzene Biosciences Ltd, a subsidiary of the company, for Rs 161.48 crore to Eight Roads Ventures and F-Prime Capital in Enzene. "...the company has entered into a Securities Subscription Agreement and Shareholders’ Agreement with Enzene Biosciences Ltd, a subsidiary of the company, Eight Roads Ventures India Healthcare IV, L.P. and F-Prime Capital Partners Life Sciences Fund VI LP in connection with an acquisition of a minority stake by Eight Roads Ventures and F-Prime Capital in Enzene," the company said in an exchange filing on December 23.

Enzene Biosciences has a turnover of Rs 87.21 crore for the financial year ending March 31, 2022. The funding will propel capacity expansions in India and the United States of America (USA), the company said.

The transaction is expected to be completed latest by January 31, 2023, subject to fulfilment of conditions precedent as described in the Securities Subscription Agreement, it said.