Hyderabad-based Laurus Labs said Friday it has signed an agreement with Immunoadoptive Cell Therapy Pvt. Ltd (ImmunoACT), an advanced cell and gene therapy company, to acquire a 26.62% stake for Rs 46 crore.
Additionally, senior management of Laurus Labs would also invest in ImmunoACT to pick up a 5.64% stake for Rs 9.75 crore at the same price and terms.
The deal values the pre-revenue company at Rs 173 crore ($23.2 million).
ImmunoACT was founded in 2018 under the aegis of IIT Bombay incubator, Society for Innovation and Entrepreneurship (SINE) by Rahul Purwar. It has a 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. In India, CAR-T therapy is not available and this collaboration will help the firm in bringing the technology to the Indian patients.
Satyanarayana Chava, CEO of Laurus Labs, said, “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 pharmaceutical and biotechnology company, with a strong presence in generic Active Pharmaceutical Ingredients (APIs) with a major focus on Anti-Retro Viral, Hepatitis-C, Cardiovascular, Anti-Diabetic, Anti-Asthma, and Gastroenterology. Central Nervous System (CNS), Proton Pump Inhibitors (PPIs) and Oncology drugs.
It also develops and manufactures oral solid formulations, provides contract research and manufacturing services (CRAMS) to global pharma companies, and produces specialty ingredients for nutraceuticals, dietary supplements and cosmeceuticals.