Reliance Life close to $1 bn US buy; to invest £32.2 mn in UK-based GeneMedix

Reliance Life Sciences, the biotech arm of Reliance Industries Limited, may acquire a US company, operating in the genetics and nanotechnology space, for about a $1 bn, reports Business Standard.

In a related development, Reliance Life Sciences is planning to invest £32.2 mn ($63.2 mn) in UK bio-pharmaceutical company GeneMedix Plc. the initial investment will be made through subscription for around 1.1 bn shares at 1.25 pence to raise £14.6 mn, representing a controlling interest of 74% of the enlarged share capital of GeneMedix. Reliance may also further invest up to £17.5 mn in the company. Read Business Standard for more details.