Transgene Biotek to raise $40m via GDR issue

Hyderabad-based biotechnology company Transgene Biotek plans to raise USD 40 million via global depositary receipt (GDR).

In an exclusive interview with CNBC-TV18's Ekta Batra and Reema Tendulkar, SS Marthi, Director of Transgene Biotek says, "The proposal is to raise USD 40 million via issuance of GDR. A part of this USD 40 million will be utilised for the present product line, which includes oncology drugs, active pharmaceutical ingredients (APIs), oral delivery platform of oral insulin, etc."

Going forward, the company is also looking at certain acquisitions, and, "the proceeds will be utilised for acquisitions as well," he adds.

The company is engaged in sales of medical diagnostic products and services.