GMX to receive L32M from India's Reliance
UK-based biopharmaceutical company GeneMedix says it has entered into agreement with India's Reliance Life Sciences under which the latter will make an investment of up to L32.1 million ($42.4 million). Reliance, India's largest private-sector enterprise, said that it had taken the decision in order to fund the development of GeneMedix' biolsimilar products through to launch in both the USA and Europe.
Investment in two tranches
The initial investment of L14.6 million ($28.6 million) will be made through a subscription for 1,168,254,570 shares, representing 74% of the GeneMedix' share capital. The UK company explained that the investment will remove it from long-term debt, improve its balance sheet and allow it to benefit from Reliance's involvement in terms of improvements to its infrastructure.
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