This fresh infusion of capital will enable ImmunoACT to fast track the additional supply of the lead candidate HCAR-19 along with the further expansion of the multi-location GMP facilities for manufacturing Chimeric Antigen Receptor T cells (CAR-T cells) treatment to support the growing need for scalable manufacturing.

Earlier, Laurus Labs had acquired 26.62% stake in ImmunoACT in November 2021 which has supported ImmunoACT in successfully creating GMP manufacturing facility along with R& D facility at Navi Mumbai and currently conducting Phase II study at various hospitals including Tata Memorial Hospital.

Post the completion of the deal, Laurus Labs' stake in ImmunoACT will increase to 33.86% (on fully diluted basis). Such transaction will be completed approximately one month, subject to completion of conditions precedent.

Promoter group holds 5.21% of shareholding in ImmunoACT before this investment by the company hence this transaction is related party transaction. Additionally, some promoters and senior management of Laurus Labs would also acquire in ImmunoACT for a 0.54% stake (before this investment) for approximately Rs 4 crore at the same price and terms through secondary purchases.

Commenting on the development, founder and chief executive officer, Dr. Satyanarayana Chava, said, “This Investment further strengthens Laurus Labs' commitment to access novel Cell and Gene Therapy technology and enhance its affordability for patients. This acquisition is also a step towards our commitment to promote and access novel technologies and making it commercially viable in unmet medical needs of auto immune diseases and oncology. We are looking to invest further in disruptive innovation with a disciplined approach, to enable our strategic partners and customers to bring these promising therapies to patients.”

Founder and Chairman of ImmunoACT, Dr.Rahul Purwar, said, “The Current investment will help us to gear up to service more patients across India. We are expecting further collaboration to bring CAR T technologies to the needy Indian Patients at affordable price.”

The pharmaceutical company's consolidated net profit tumbled 55.32% to Rs 102.98 crore on 3.08% slide in revenue from operations to Rs 1,380.90 in Q4 FY23 over Q4 FY22.

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, oncology drugs, Cardiovascular, Gastro and Hepatitis C therapeutics. The company also develops and manufactures oral solid formulations, provide contract research and manufacturing services (CRAMS) to Global pharma companies.