Laurus Labs made the announcement on Thursday that it has signed definitive agreements to acquire an additional stake of 7.24% in Immunoadoptive Cell Therapy Private Limited (ImmunoACT), an advanced cell and gene therapy company in exchange for a cash consideration of Rs.80 Crore. The company made the announcement through an exchange filing.
After the transaction is completed, Laurus Lab’s fully diluted share in ImmunoACT will climb to 33.86%, bringing the company’s total ownership to 33.86%. This new injection of capital will make it possible for ImmunuACT to expedite the additional supply of the lead candidate, HCAR-19, as well as the fighter expansion of the multi-location GMP facilities for manufacturing Chimeric Antigen Receptor T Cells (CAR-T cells) treatment to support the growing demand for scalable manufacturing. In addition, some founders and senior management of Laurus Labs would make secondary acquisitions in ImmunoACT to acquire a 0.54% ownership in the company (prior to this investment) for roughly 4 crore rupees at the same price and conditions.
ImmunoACT is now performing Phase II research at a number of hospitals, including Tata Memorial Hospital, thanks to a prior investment made by Laurus Labs in the company in November 2021. This investment enabled ImmunoACT to successfully create a GMP manufacturing facility at Navi Mumbai, in addition to a state-of-the-art R&D facility at the same location. Phase I findings that revealed a favorable balance of effectiveness and toxicity with low-grade cytokine release syndrome were presented at the American Society of Haematology (ASH) in November of 2022.
Laurus Labs’ dedication to gaining access to cutting-edge Cell and Gene Therapy technology has been further bolstered by this investment, which also makes the treatment more affordable for patients. With the support of this financing, ImmunoACT will be able to better prepare for the production of further medicines. This purchase is also a step towards our commitment to promoting and accessing breakthrough technology and making it economically viable in the unmet medical needs of autoimmune disorders and cancer. Specifically, this goal is being fulfilled in part via this acquisition. According to Dr. Satyanarayyana Chava, the Founder and Chief Executive Officer of the company, “We are looking to invest further in disruptive innovation with a disciplined approach, in order to enable our strategic partners and customers to bring these promising therapies to patients.”