Godavari Biorefineries shares surge on US expansion

Godavari Biorefineries shares surged over 7% as the company expanded operations in the US with the incorporation of a new subsidiary.

Godavari Biorefineries is in the space of integrated biorefineries specialising in bio-based chemicals, ethanol, sugar, and power production.

What’s happening: the company incorporated a step-down subsidiary of its Sathgen Therapeutics LLC division based in Princeton, New Jersey, US.

Godavari Biorefineries believes that the strategic expansion will strengthen its clinical-stage biotechnology presence in the US.

With the new step-down subsidiary, the company will primarily focus on global out-licensing of intellectual properties, and build the network to accelerate the drug-development programme.