Laurus Labs shares rise over 4% as co acquires additional stake in lmmunoACT

Laurus Labs is set to increase its stake in Immunoadoptive Cell Therapy (lmmunoACT) by 7.24% for $10.6m, taking its total stake in the company to 33.86%. The advanced cell and gene therapy company plans to use the funds to fast-track the development of its candidate HCAR-19 and expand its gene manufacturing capacities. The deal will also see some promoters and senior management of Laurus Labs acquire a 0.54% stake for $540,000. Shares of Laurus Labs rose 4.4% to reach INR345 ($4.61) in intraday trade following the announcement.