GeneMedix to grow drugs portfolio after €22m Indian deal

BRITISH pharmaceutical company GeneMedix, which has a manufacturing base in Tullamore, Co Offaly, has signed a €22 million deal with an Indian firm which is expected to see its portfolio of products grow.

Reliance Life Sciences is due to conclude a deal to buy a 74% stake in Genemedix this week according to In-PharmaTechnologist.com.

The acquisition deal also involves a five-year warrant option for Reliance Life Sciences for a further 1,404 million shares at 1.25p/share to enable infusion of an extra £17.5m, which would take the shareholding of Reliance Life Sciences in GeneMedix to 86%. This is the first overseas purchase of a listed biopharmaceutical firm by an Indian operation.