Laurus Labs Ltd. has signed a Memorandum of Association (MoA) with Indian Institute of Technology, Kanpur for introducing novel gene therapy assets in India and other markets.

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The pharmaceutical and biotechnology company has said that it will license a few gene therapy assets and will also provide research grants for the advancement of products with the help of pre-clinical development.

In addition to the aforementioned developments, Laurus Labs will provide funding for clinical trials as well as launch products not only in India but also in other emerging markets.

The pharmaceutical company will further launch a good manufacturing practice (GMP) certified plant at the Techno Park facility in IIT Kanpur, it said on Monday.

Last month, Laurus Labs signed definitive agreements for the acquisition of an additional 7.24 percent stake in Immunoadoptive Cell Therapy Pvt Ltd, which is an advanced cell and gene therapy company, for Rs 80 crore. Laurus Labs had already acquired a 26.62 percent stake in Immunoadoptive Cell Therapy in November 2021.

Shares of Laurus Labs are trading 0.8 percent lower at Rs 364.90. The stock is down 2.3 percent year-to-date and has declined nearly 20 percent over the last 12 months.