Gufic Biosciences acquires 2.67% stake in Selvax; stock zooms ~3%

20 Apr 2022 , 09:21 AM

Gufic Biosciences has approved the Signing of the Equity Subscription Agreement with Selvax Pty Limited (Selvax), a biotechnology company based in Perth, Western Australia, for the subscription of 1,307,000 fully paid ordinary equity shares in Selvax aggregating to 2.67% of its total paid-up share capital for a subscription fee of around USD 0.07651 per equity share aggregating to USD 100,000 (approx. Rs77 lakh).

The company has also entered into a research and collaboration agreement with Selvax to accelerate the commercialization of Selvax’s cancer immunotherapy treatment.

Selvax is an Australian Proprietary Company, Limited by Shares, engaged in health and allied services and situated in Western Australia. It’s a Bio-technology company, which is developing a novel immunology-based treatment for large solid tumors.

The proposed arrangement with Selvax for immunotherapy for oncology will give valuable results to both the Company and SeIvax and accordingly, the proposed acquisition of shares in Selvax would prove beneficial to the Company.

At around 9:24 AM, Gufic BioSciences stock was trading at Rs252.30 apiece up by Rs6.45 or 2.62% on the BSE.