Moneycontrol PRO
UPCOMING EVENT:Register Now! Special webinar on Benefits of investing in US market at 4 pm on 10th December, 2021
you are here: HomeNewsBusiness

Laurus Labs acquires 26.62% stake in ImmunoACT for Rs 46 crore

Additionally, Laurus Labs' senior management will also invest in ImmunoACT for a 5.64 percent stake for approximately Rs 9.75 crore at the same price and terms, the company said in a BSE filing

November 20, 2021 / 11:31 AM IST
Laurus Labs

Laurus Labs

Laurus Labs has acquired a “substantial minority stake” in CAR-T cell-therapy firm Immunoadoptive Cell Therapy (ImmunoACT), the Hyderabad-based drugmaker has said.

The pharmaceutical and biotechnology company said in a BSE filing on November 19 that it signed an investment agreement with the advanced cell and gene therapy firm to acquire a 26.62 percent stake (fully diluted basis) for Rs 46 crore, subject to fulfilment of certain conditions.

“Additionally, senior management of Laurus Labs would also invest in ImmunoACT for a 5.64 percent stake for approximately Rs 9.75 crore at the same price and terms,” the release said.

The company said the investment is “part of a larger strategy to strengthen biologics business” and provide “access and entry into an emerging field of research”.

“CAR-T therapy is a very promising treatment option which has had great success in the western 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 very affordable pricing,” the statement added.

Close

Innovative treatment

Laurus Labs CEO Satyanarayana Chava said the company ws “very excited” to partner with ImmunoACT and “will bring CAR-T therapy to patients in India and other markets at an affordable pricing”.

“ImmunoACT has a great leadership team with proven expertise in CAR-T technology and we are confident that these products will benefit patients with better outcomes,” he added.

ImmunoACT was founded in 2018 under the aegis of IIT Bombay incubator, Society for Innovation and Entrepreneurship (SINE) by Dr Rahul Purwar. It has “strong global partnerships” including with Dr Carl June, pioneer of CAR-T therapy as a member of the scientific advisory board.

ImmunoACT has a portfolio of CAR-T therapy assets under various development stages for the treatment of multiple auto-immune diseases and oncology indications. The promoters of ImmunoACT will continue to lead the management and operations.

ImmunoACT CEO Purwar said the partnership would provide “strategic thrust” to establishing innovative opportunities in the healthcare industry through new-age cell and gene-based therapies.

Who and what

Laurus Labs is a fully integrated pharmaceutical and biotechnology company, claiming a leadership position in generic active pharmaceutical ingredients (APIs) with a major focus on anti-retroviral, Hepatitis-C, cardiovascular, anti-diabetic, anti-asthma, and gastroenterology, central nervous system (CNS), proton pump inhibitors (PPIs) and oncology drugs.

The company also develops and manufactures oral solid formulations, provides contract research and manufacturing services to global pharma companies, and produces specialty ingredients for nutraceuticals, dietary supplements and cosmeceuticals, the release said.

ImmunoACT claims to be a “pioneer in the field of cell and gene therapy” adding that it is “in the process of becoming India’s first company to introduce the CART therapy for the cure of specific types of blood cancers which are currently in clinical trials”.

It has partnerships with institutions like the Tata Memorial Hospital and Dr June is a member of its scientific advisory board.
Jocelyn Fernandes
first published: Nov 20, 2021 11:31 am

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark