Laurus Labs has signed an investment agreement with Immunoadoptive Cell Therapy Private Limited (ImmunoACT), an advanced cell and gene therapy company to acquire 26.62% stake (fully diluted basis) for a cash consideration of approximately Rs. 46.00 Crores, subject to the fulfilment of certain conditions.
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, the statement said.
ImmunoACT was founded in 2018 under the aegis of IIT Bombay incubator, Society for Innovation and Entrepreneurship(SINE) by Dr. Rahul Purwar. ImmunoACT has strong global partnerships including Dr.Carl June, pioneer of CAR-T therapy as member of scientific advisory board. 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, the company said in its statement.
Commenting on this development, CEO of Laurus Labs Dr. Satyanarayana Chava 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”.
Dr. Rahul Purwar, CEO of ImmunoACT said, “We are very excited about partnering with Laurus Labs Limited. The partnership between ImmunoACT and Laurus Labs will provide strategic thrust to our ambitions to establish innovative opportunities in the healthcare industry through new age Cell and Gene based therapies. It also provides synergies to both organizations to leverage each other’s strengths in making India a global hub for innovation for R&D of cellular immunotherapy supported by the global distribution and reach of Laurus Labs”.
