Natco Pharma's Canada Arm Invests $8 Million In eGenesis
The acquisition is expected to be completed by Sept. 30, with Natco acquiring 4,06,29,761 shares in eGenesis, as per an exchange filing.
Natco Pharma Ltd.'s wholly owned Canadian subsidiary, Natco Pharma (Canada) Inc., has made an investment of $8 million in eGenesis Inc. to develop new-age therapeutic programmes addressing critical unmet medical needs. The acquisition is expected to be completed by Sept. 30, with Natco acquiring 4,06,29,761 shares in eGenesis, as per an exchange filing.
eGenesis is a biotechnology company focused on using its multiplex gene editing and genome engineering platform to transform solid organ and therapeutic cell transplantation for the treatment of serious diseases.
In March 2024, the company announced the world’s first porcine kidney transplant in a living patient.
“We are excited to get involved with eGenesis, Inc. with respect to their pioneering work in xenotransplantation. We agree with the vision of eGenesis that xenotransplantation technology has the potential to end the global transplant shortage and transform the treatment of organ failure by eliminating waitlist mortality,” said Rajeev Nannapaneni, vice chairman and chief executive officer of Natco Pharma.
“We are thrilled to welcome Natco as an investor. Their support will be used in advancing our research and bringing our innovative therapies to market,” said Mike Curtis, chief executive officer of eGenesis.
Shares of Natco Pharma Ltd. were trading 1.44% higher at Rs 1,552.60 per share, compared to a 0.41% decline in the NSE Nifty as of 2:01 p.m.
