Gennova Biopharmaceuticals Limited, a subsidiary of Emcure Pharmaceuticals , has executed a slump sale of its mRNA business to Immunoscript Life Science Private Limited for a lump sum cash consideration of ₹1,395 million. The transaction, structured as a transfer of a going concern, was finalized through a Business Transfer Agreement on July 10, 2026. This strategic move allows Gennova to reorganize operations and focus on core areas such as research and development, manufacturing, and marketing of biotechnology-based products, including biosimilars and adjacent therapeutic platforms.

The mRNA business, referred to as the transferring business, contributed ₹647.10 million in revenue, representing 0.71% of the consolidated revenue of ₹91,158.88 million for FY 2025-26. The unit's net worth stood at ₹1,326.31 million, accounting for 2.68% of the consolidated net worth of ₹49,500.32 million during the same period. Gennova reported a total turnover of ₹4,917.42 million for FY 2025-26.

Immunoscript Life Science Private Limited, the buyer, is a company incorporated in April 2026 under the Companies Act, 2013. The entity is promoted by Dr. Sanjay Singh, formerly a Director of Gennova. Immunoscript does not belong to the promoter or promoter group of Emcure Pharmaceuticals. The company is focused on advancing precision immunology by integrating biological engineering, artificial intelligence, and scalable biomanufacturing technologies to develop next-generation vaccines and advanced therapeutics.

The completion of the slump sale is subject to the fulfilment of conditions precedent and other terms outlined in the Business Transfer Agreement, as well as necessary regulatory and statutory approvals. The transaction is expected to be concluded by July 17, 2026, or such other date as may be mutually agreed upon by the parties involved. The sale does not form part of any Scheme of Arrangement, and Regulation 37A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is not applicable.

There will be no change in the shareholding pattern of Emcure Pharmaceuticals as a result of this slump sale. The disclosure was made to the stock exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Details of the Transferring Business

Marcan Pharmaceuticals Inc., a subsidiary of Emcure Pharmaceuticals , has acquired 100% of the Class E Special Shares in its step-down subsidiary Mantra Pharma Inc. for an aggregate cash consideration of CAD 50 million. The acquisition, executed through share purchase agreements on July 02, 2026, ensures that Mantra continues to be a wholly-owned subsidiary of Marcan. This strategic move consolidates control over the Canadian entity, which reported an annual turnover of CAD 96.67 million for the financial year 2026. The acquisition was finalized on July 03, 2026.

Transaction Structure and Regulatory Compliance

The transaction constitutes a related party transaction between two wholly-owned subsidiaries but is exempt under Regulation 23(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The deal was undertaken at arm's length, and no specific government approvals were required beyond the completion of requisite compliances under applicable laws in Canada.

About Mantra Pharma Inc.

Mantra Pharma Inc. is incorporated under the laws of Quebec, Canada, and is engaged in the marketing and distribution of prescription drugs and natural health products. The entity was formed on November 06, 2023, through an amalgamation of several companies. Its capital structure consists of 1,000 Class A Common Shares and 24,000,000 Class E Special Shares without par value.

Key Deal Parameters

The following table summarises the key details of the acquisition:

Financial Performance of Mantra Pharma Inc.

The financial performance of Mantra has shown significant growth over the last three financial years. The aggregate historical turnover for the period ending March 31, 2026, reflects a steady increase in business operations within the Canadian market.

*For the period November 06, 2023 till March 31, 2024.