Dr Reddy's Acquires 6.5% Stake in Israeli Biotech Company Edity

Reportedly, the Hyderabad-based pharma has picked up 10,14,442 preferred A-1 shares, equivalent to 6.46% of Israel-based Edity's share capital on a fully diluted basis, for $1.9715 per share, by way of conversion of SAFE.

Indian pharmaceutical giant Dr Reddy's Laboratories has acquired a nearly 6.5% stake in the Israeli development-stage biotech player Edity for a cash consideration of $2 million.

Reportedly, the Hyderabad-based pharma has picked up 10,14,442 preferred A-1 shares, equivalent to 6.46% of Israel-based Edity's share capital on a fully diluted basis, for $1.9715 per share, by way of conversion of SAFE (simple agreement for future equity).

Founded in 2019, Edity is a biotech company that is currently developing a breakthrough platform technology for intracellular delivery of therapeutic proteins using immune cells. The therapeutics developed using Edity's technology could be used in multiple therapeutic areas, including gene editing, rare genetic disorders, oncology, and inflammation.

The funds secured will be utilised to further develop the technology platform. This includes performing pre-clinical studies for safety and efficacy evaluation, securing intellectual property through patent filings, and exploring licencing opportunities, collaborations, and market entry strategies to optimise the commercial viability of Edity's technology platform.

Established in 1984 by Dr Kallam Anji Reddy, Dr Reddy's is a global pharmaceutical company that offers a portfolio of products and services, including active pharmaceutical ingredients (APIs), generics, branded generics, biosimilars, and over-the-counter (OTC) products. The company aims to discover next-generation drugs using genomics and proteomics.

Going forward, Dr Reddy’s Laboratories aspires to triple its reach and touch over 1.5 billion patients by 2030. Further, they are also focusing on digital transformation in the customer and patient journey, primarily in creating a differentiated value proposition.

Last year, Dr Reddy’s launched the USFDA-approved wearable ‘Nerivio’ for migraine management in India. Patients can use the device within 60 minutes of the onset of a headache for acute migraine treatment or every alternate day for migraine prevention. The app enables users to control the intensity levels of the device and includes an interactive migraine diary for symptom logging, response tracking, and insightful analytics.

Days back, Dr Reddy’s signed a pact with Coya Therapeutics for investigational therapy of Amyotrophic Lateral Sclerosis (ALS). As per the terms, Coya granted Dr Reddy’s an exclusive licence to commercialise COYA 302, a proprietary co-pack kit containing a combination of low dose IL-2 and CTLA-4 Ig (abatacept) in the United States, Canada, the European Union and the United Kingdom for ALS.