Zydus Lifesciences on Tuesday said it has inked a pact to acquire 5.9 per cent stake in US-based Agenus Inc for around $ 16 million, marking its entry into the global biologics contract development and manufacturing organisation (CDMO) sector.
Zynext Ventures USA LLC, a wholly-owned subsidiary of the company, has inked a securities purchase agreement with Agenus to acquire 21,33,333 shares at a purchase price of $ 7.50 per share aggregating to around $ 16 million, the drug firm said in a regulatory filing.
The transaction will allow the Gujarat-based Zydus to access Agenus's biologics manufacturing facilities in California, US.
The acquisition positions Zydus at the forefront of the fast-growing global biologics CDMO market, establishing a robust presence in the world’s leading biotech innovation hub, it added.
With this strategic move, Zydus gains immediate access to advanced biologics development and manufacturing capabilities, further enabling partnerships with innovative biotechnology companies and enhancing its global footprint in high-growth markets, it said.
"The acquisition will give Zydus a strategic foothold in the US for biologics manufacturing in the global hub for biotech innovation, California," Zydus Lifesciences MD Sharvil Patel said.
It will enhance the company's ability to partner with innovation-centric entities, advancing new products and prioritizing patient-centric solutions, he added.
Besides, Zydus Lifesciences said it has entered into a definitive agreement with Agenus Inc to secure exclusive commercial rights for India and Sri Lanka for their investigational immuno-oncology therapies -- Botensilimab (BOT) and Balstilimab (BAL).
These next-generation therapies are designed to address high-unmet needs across multiple cancer types and have demonstrated significant clinical activity in advanced trials involving over 1,200 patients, it added.
Zydus shares on Tuesday ended 0.26 per cent down at Rs 926.50 apiece on BSE.
