Reliance Life to invest $63.2mn in GeneMedix
Mukesh Ambani’s Reliance Life Sciences is planning to invest £32.2 million ($63.2 million) in UK bio-pharmaceutical company GeneMedix Plc.
According to a release issued by GeneMedix, the intial investment will be made through subscription for 1,16,82,54,570 shares at 1.25 pence to raise £14.6 million, representing a controlling interest of 74% of the enlarged share capital of GeneMedix.
Reliance may also make a further investment up to £17.5 million in the company. The investment proposal is yet to be approved by the shareholders of GeneMedix.
Julian Attfield, chief executive of GeneMedix, said: "The investment will allow GeneMedix to continue to develop its existing portfolio of products at an accelerated pace and also bring new biopharmaceutical products under development. With the expertise within the company and the enhanced infrastructure and support brought by Reliance Life, we are looking forward to an exciting period of integration and expansion over the coming year."
Reliance Life Sciences declined to make any official comment on the GeneMedix announcement.
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