Laurus Labs said that it has signed an investment agreement with Immunoadoptive Cell Therapy to acquire 26.62% stake for a cash consideration of approximately Rs 46 crore.
The acquisition is subject to the fulfilment of certain conditions, the company said.
Additionally, senior management of Laurus Labs would also invest in ImmunoACT for a 5.64% stake for approximately Rs 9.75 crore, at same price and terms.
Immunoadoptive Cell Therapy (ImmunoACT) was founded in 2018 under the aegis of IIT Bombay incubator, Society for Innovation and Entrepreneurship (SINE) by Dr. Rahul Purwar. The advanced cell and gene therapy company has strong global partnerships including Dr.Carl June, pioneer of CAR-T therapy as member of scientific advisory board.
Immunoadoptive Cell Therapy (ImmunoACT) is a pioneer in the field of cell and gene therapy. It is in the process of becoming India's first company to introduce the CART therapy for cure of specific types of blood cancers which are currently in clinical trials.
ImmunoACT has portfolio of CAR-T therapy assets under various development stages for the treatment of multiple auto immune diseases and oncology indications. The current promoters of ImmunoACT will continue to lead the management and operations of ImmunoACT.
Laurus labs investment in ImmunoACT is part of the larger strategy to strengthen biologics business of Laurus Labs and this provides access and entry into an emerging field of research. CAR-T therapy is very promising treatment option which has had great success in the western part of the world. In India, CAR-T therapy is not available and this collaboration will help us in bringing this novel technology to the Indian patients at a very affordable pricing.
Dr. Satyanarayana Chava, CEO of Laurus Labs, said, we are very excited to partner with ImmunoACT to bring novel CAR-T therapy to patients in India and other markets at an affordable pricing. This partnership will help us in bringing innovative cell and gene therapy products to patients in India and other markets.
ImmunoACT has great leadership team with proven expertise in CAR-T technology and we are confident that these products will benefit patients with better outcomes.
Laurus Labs is a fully integrated pharmaceutical and biotechnology company, with a leadership position in generic Active Pharmaceutical Ingredients (APIs) and a major focus on anti-retroviral, Hepatitis C, and oncology drugs.
The pharma company's consolidated net profit fell 16.66% to Rs 201.90 crore on 5.68% increase in net sales to Rs 1203.48 crore in Q2 September 2021 over Q2 September 2020.
The scrip shed 0.50% to end at Rs 481.85 on the BSE yesterday.
The domestic stock market is shut today, 19 November 2021 on account of Guru Nanak Jayanti.
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