Natco Pharma invests $8 million in US biotech firm eGenesis

4 Sep 2024 , 03:28 PM

Natco Pharma Ltd’s shares rose roughly 3% on Wednesday, September 4, after the company stated that its wholly-owned Canadian subsidiary, Natco Pharma (Canada) Inc., has invested USD 8 million in the US-based biotechnology firm eGenesis, Inc.

At around 3.18 PM, Natco Pharma was trading 1.63% higher at ₹1,555.50 per piece, against the previous close of ₹1,530.60 on NSE. The counter rose to an intraday high of ₹1,569.

Natco Pharma (Canada)’s investment in eGenesis would strengthen the company’s position in new-age medicinal programs addressing key unmet medical needs, according to an exchange filing on Wednesday. 

Natco Pharma disclosed that its subsidiary will invest USD 8 million in eGenesis, acquiring a total of 40,629,761 shares. The acquisition is likely to be completed by the end of this month (September 30).

eGenesis, Inc. is a Cambridge, Massachusetts-based research and development (R&D) firm that uses its multiplex gene editing and genome engineering platform to create solid organ and therapeutic cell transplantation solutions for critical diseases.

Natco Pharma stated that the eGenesis Genome Engineering and Production (EGEN) platform is the only technology of its kind that addresses cross-species molecular incompatibilities and viral risks through genetic engineering, with the goal of improving outcomes for patients requiring transplants.

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