Shares of Godavari Biorefineries Ltd skyrocketed 10% on 25 December after the company announced entering the US market by incorporating a new subsidiary. 

Godavari Biorefineries announced the incorporation of a step-down subsidiary under its US-based arm, Sathgen Therapeutics LLC, in Princeton, New Jersey, according to an exchange filing.

The company said the expansion will deepen its presence in the US clinical-stage biotechnology space. Through the new subsidiary, Godavari Biorefineries plans to focus on global out-licensing of its intellectual property and build strong networks to speed up its drug development efforts.

Sathgen Therapeutics has also set up a Scientific Advisory Board to steer its clinical development and translational research strategy. The board includes Dr Razelle Kurzrock, a globally recognised expert in precision oncology, immunotherapy, and early-stage clinical trials, and Dr Massimo Cristofanilli, a leading authority on metastatic breast cancer and cancer biology. Godavari Biorefineries stated that their expertise will play a key role as Sathgen advances its pipeline towards US partnerships and the next phase of development.

Godavari Biorefineries serves as the flagship company of the Somaiya Group and operates as an integrated biorefinery specialising in bio-based chemicals, ethanol, sugar, and power generation. The company ranks among India’s largest ethanol producers and pioneered the manufacture of ethanol-based chemicals in the country.

It runs manufacturing facilities in Sakarwadi, Maharashtra, and Sameerwadi, Karnataka, along with research and development centres in Mumbai, as noted in the exchange filing.

Earlier this month, the company also secured approval for its US patent application titled “Compounds for the Inhibition of Unregulated Cell Growth”, strengthening its position in anti-cancer research.

At 1:22 pm, the shares of Godavari Biorefineries were trading 6.66% higher at Rs 289.50 on NSE.

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