Laurus labs surges on inking pact with IIT Kanpur
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Laurus Labs is currently trading at Rs. 368.80, up by 1.20 points or 0.33% from its previous closing of Rs. 367.60 on the BSE.
The scrip opened at Rs. 369.95 and has touched a high and low of Rs. 370.60 and Rs. 363.95 respectively. So far 25892 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 605.50 on 18-Aug-2022 and a 52 week low of Rs. 279.65 on 28-Apr-2023.
Last one week high and low of the scrip stood at Rs. 375.00 and Rs. 324.95 respectively. The current market cap of the company is Rs. 19833.13 crore.
The promoters holding in the company stood at 27.20%, while Institutions and Non-Institutions held 32.16% and 40.64% respectively.
Laurus labs has signed a Memorandum of Agreement (MOA) with IIT Kanpur (IITK) to bring novel gene therapy assets to market. As per MOA, Laurus labs will in-license few gene therapy assets and will provide research grant for advancing these products through the pre-clinical development. The company will also provide funding for the clinical trials and will launch these products in India and emerging markets. Additionally, The company will establish a GMP facility at the Techno Park facility of IITK.
Department of Biological Sciences and Bioengineering (BSBE) at IIT Kanpur has been working on gene therapy for the last few years and have developed few gene therapy assets along with technology for novel Adeno Associated Virus (AAV) vectors. They have filed IPs around these products and few additional patent applications will be filed in due course.
This partnership allows Laurus Labs to strengthen its presence in the promising Cell and Gene Therapy (CGT) space and allows it to become a leader in this space. These therapies are not available in India and emerging markets and this collaboration will help it in bringing these novel therapies to Indian patients at an affordable pricing. Additionally, this allows Laurus labs to offer CDMO services to cell and gene therapy companies.
Laurus Labs is a leading research and development driven pharmaceutical company in India. The company has grown consistently to become one of the leading manufacturers of APIs for anti-retroviral (ARV) and Hepatitis C. It also manufactures APIs in oncology and other therapeutic areas.
