Gufic Biosciences has acquired a 2.67 percent stake in Australian biotech company, Selvax, for around $1,00,000. The company said the deal would help them fast-forward their immuno oncology research efforts.

Selvax, based in Perth in Western Australia, is developing a novel immunology based treatment for large solid tumours.

The company's stock ended 10.56 percent up on BSE on April 20 at Rs 271.8. The stake purchase announcement was made on April 19 after market hours.

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

Gufic Biosciences is engaged in the research and development, manufacturing, marketing, distribution and sale of pharmaceutical and allied products. The company is known and respected for innovative and high-quality pharmaceutical and herbal products and a wide range of Active Pharmaceutical Ingredients (APIs).

"1,307,000 ordinarily fully paid up equity the shares are acquired; shares would be acquired at a total consideration of $100,000," a BSE filing by the company read.

The company has stated an indicative time period for completion of the deal of 15 days from the acquisition, subject to completion of procedural compliance with the Reserve Bank Of India.

Watch the accompanying video of CNBC-TV18’s Ekta Batra for more details

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First Published:Apr 20, 2022 3:39 PM IST