Natco Pharma raises eGenesis investment to $16.7 million
In short
Natco Pharma said on Monday that it will raise its planned investment in US biotech firm eGenesis to $16.7 million from $14 million. The money will come from two group units, and the notes carry 8% annual interest.
This matters because Natco is backing a company working on new therapies. The reporting does not say when the deal will close or whether any extra shares will be bought.
What the reporting says
Natco Pharma said on Monday it will increase its planned investment in US biotechnology firm eGenesis Inc to USD 16.70 million from USD 14 million. The filing says NATCO Pharma (Canada) Inc will invest USD 13.70 million and NATCO Pharma USA LLC will contribute USD 3 million through convertible promissory notes carrying 8% annual compounding interest. The reporting says no additional shares are being acquired, but it does not state when the transaction will close.
Why it matters
Natco Pharma said on Monday it will raise its proposed investment in eGenesis Inc to USD 16.70 million from USD 14 million. The filing says NATCO Pharma (Canada) Inc and NATCO Pharma USA LLC will provide the funds through convertible promissory notes at 8% compounded annually, with no additional shares being acquired. The move supports new-age therapeutic programmes, but the reporting does not give timing or expected returns.