Cohance Lifesciences has remitted the aggregate consideration of USD 10 million towards the subscription of new Compulsorily Convertible Preferred Stock (CCPS) of its US subsidiary, NJ Bio Inc. The transaction, approved by the Board of Directors in December 2025, is expected to be completed before the end of September 2026.

The investment reinforces the company’s commitment to the Antibody Drug Conjugate (ADC) and broader ‘XDC’ space. NJ Bio operates as a Contract Research, Development, and Manufacturing Organization (CRDMO) with end-to-end capabilities across payload-linker synthesis, bioconjugation, and analytical services. The funds are intended to support NJ Bio’s growth initiatives, including capital expenditure.

Transaction Details

The company acquired 188,680 CCPS at a price of USD 53.00 per share. These instruments are convertible into equity shares of NJ Bio after three years, in accordance with the definitive agreements. The consideration was funded through internal accruals.

Regulatory Compliance

The transaction falls under related party transactions as NJ Bio is a subsidiary of Cohance Lifesciences. The company confirmed that promoters and group companies have no direct interest in NJ Bio other than through the listed entity. The transaction was executed at arm’s length.

Cohance stated that the investment complies with the FEMA (Overseas Investment) Regulations, 2022. Applicable regulatory filings with relevant authorities will be made as required under applicable laws.

What the Numbers Show

NJ Bio’s turnover data reveals volatility in recent years. Revenue rose from USD 20.6 million in CY2023 to USD 32.6 million in CY2024, before contracting to USD 23.5 million in CY2025. This decline in CY2025 turnover contrasts with the significant capital infusion, suggesting the investment is geared toward future capacity expansion rather than sustaining current revenue levels.

Cohance Lifesciences concluded its 8th Annual General Meeting on September 17, 2026, passing all three ordinary resolutions. The meeting, held via video conferencing, saw shareholders approve the standalone and consolidated financial statements for FY26 and the reappointment of Ms. Shweta Jalan as a director liable to retire by rotation.

The voting process, scrutinized by practicing company secretary D. Renuka, recorded high participation from institutional investors. Promoter and promoter group entities voted in favor of all resolutions, casting 100% of their eligible votes. Public institutions also showed strong support, particularly for the adoption of financial statements.

Voting Results Breakdown

The resolutions were passed with requisite majorities across all shareholder categories. The following table details the voting outcome for the reappointment of Ms. Shweta Jalan, which saw slightly higher dissent compared to the financial statement approvals.

Shareholder Participation

A total of 317,125,944 votes were polled out of 382,597,330 shares held as on the record date of September 10, 2026. This represents a polling percentage of approximately 82.89%. While promoter entities voted entirely through remote e-voting, public non-institutional shareholders utilized both remote e-voting and the insta-poll facility during the meeting.

Ms. Matangi Gowrishankar, independent director and chairperson of the Nomination and Remuneration Committee, and Mr. Vinod Rao, chairman of the Audit Committee, were among the directors present at the meeting. Executive Chairman and Group CEO Umang Vohra chaired the proceedings.