Business Update25 May 2024, 01:33 am
Dr. Reddy's Laboratories Invests Rs. 6.5 Billion in Aurigene Oncology Limited
AI Summary
Dr. Reddy's Laboratories (DRRL) has announced an investment of Rs. 6,500 million in Aurigene Oncology Limited (AOL), a wholly-owned subsidiary. The funds will primarily be used to support AOL's subsidiary, Aurigene Pharmaceutical Services Limited's (APSL) capital expenditures and working capital requirements. AOL, a drug discovery and clinical-stage biotech company, had a turnover of Rs. 372 crores in FY2024. This investment is a related party transaction, but it has been executed on an arm's length basis.
Key Highlights
- Dr. Reddy's Laboratories (DRRL) invests Rs. 6,500 million in Aurigene Oncology Limited (AOL)
- Funds will support Aurigene Pharmaceutical Services Limited's (APSL) requirements
- AOL is a drug discovery and clinical-stage biotech company with a Rs. 372 crore turnover in FY2024
- Investment is a related party transaction, but on an arm's length basis