November 25, 2020, Laurus Labs has signed a definitive agreement to acquire a majority stake in Richcore Lifesciences Pvt Ltd (Richcore). Richcore, a fast-growing biotech company based in Bengaluru with its advanced R&D and manufacturing facilities, develops and manufactures biotech products critical for manufacturing biological drugs. Richcore also helps its global customers to develop and scale-up their bioprocesses by providing contract research, development, and manufacturing services.
This acquisition marks Laurus Labs’ entry into the broader biologics and biotechnology segments, providing the company access to its high growth areas, globally and in India. Laurus Labs will help and drive Richcore to achieve scale and improve product offerings. With this acquisition, Laurus adds a fourth revenue stream to its three existing divisions – API, Formulations and Synthesis.
Following the successful closure of the transaction, Richcore will be renamed to Laurus Bio Pvt Ltd. Richcore has large scale fermentation capabilities and manufactures animal origin free (AOF) recombinant products. These products help vaccine, insulin, stem-cell based regenerative medicine and other biopharma companies eliminate dependency on animal and human blood derived products and in turn produce safer medicines.