On June 1, Laurus Labs’ share gained 3% in the early morning trade as the company plans to acquire an additional stake in an unconventional cell and gene therapy company.

Laurus Labs has signed definitive treaties to acquire an additional stake of 7.24% in Immunoadoptive Cell Therapy Private Limited (lmmunoACT) for Rs 80 crore cash consideration. After deal completion, the company’s stake in ImmunoACT will surge to 33.86% diluted basis.

This fresh infusion of capital allows ImmunoACT to fast-track the extra supply of the lead candidate HCAR-19 with the expansion of the multi-location GMP facilities for producing Chimeric Antigen Receptor T cells (CAR-T cells) treatment to aid the growing need for scalable manufacturing.

Some promoters and senior management of Laurus Labs would also acquire a 0.54% (Rs 4 crore) stake in ImmunoACT (before this investment) at the same price and terms over secondary purchases.

In November 2021, Laurus Labs’ earlier investment in ImmunoACT supported the successfully creating of a GMP manufacturing facility and an R&D facility at Navi Mumbai. It is now conducting Phase II study at hospitals, including Tata Memorial Hospital.

In November 2022, Phase I data was presented at the American Society of Hematology (ASH) that showed a favourable balance of efficacy and toxicity with low-grade cytokine release syndrome.

In Q4FY23 net profit, the company reported a 55.3% fall at Rs 102.98 crore against Rs 230.50 crore in March 2022. Revenue fell 3% at Rs 1,380.90 crore from Rs 1,424.83 crore YoY.

At 9:17 am, Laurus Labs cited Rs 340.85, up Rs 10.30, or 3.12% on the BSE. Share moved a 52-week high of Rs 605.50 and a 52-week low of Rs 279.65 on August 18 2022, and April 28 2023, respectively.

It trades 43.7% below its 52-week high and 21.88% above its 52-week low.