Astal Laboratories Ltd has received in-principle approval from BSE for a significant preferential issue of equity shares worth approximately ₹277 crores. The approval, granted on December 31, 2025, under Regulation 28(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, marks a major corporate development for the pharmaceutical company.

Preferential Issue Details

The BSE approval covers the issuance of substantial equity shares to non-promoter investors through a structured share swap mechanism.

Regulatory Compliance Requirements

BSE has outlined specific compliance obligations that Astal Laboratories must fulfill before and after the share allotment. The company must ensure strict adherence to multiple regulatory frameworks including the Companies Act 2013, Securities Contracts Regulation Act 1956, and SEBI regulations.

Key compliance requirements include:

• Obtaining undertakings from allottees confirming no intra-day trading until allotment date
• Strengthening internal controls to monitor trading activities by proposed allottees
• Securing all necessary statutory and regulatory approvals
• Compliance with Chapter V of SEBI ICDR Regulations 2018

Post-Allotment Obligations

Following the share allotment, Astal Laboratories must complete several critical steps within specified timeframes. The company is required to submit a listing application within twenty days of allotment, along with applicable fees as per Regulation 14 of LODR Regulations.

Non-compliance with these timelines will attract penalties as specified in SEBI circular dated June 21, 2023. BSE has also reserved the right to withdraw the in-principle approval if any submitted information is found incomplete, incorrect, or misleading.

Important Disclaimers

BSE has clarified that this in-principle approval should not be construed as approval for listing of the securities. The company must separately comply with all listing requirements and obtain necessary approvals from relevant authorities. The exchange has emphasized that responsibility for verifying compliance lies solely with the issuer company, and any non-compliance may impact the listing of shares.

Astal Laboratories Limited has entered into a strategic partnership with Switzerland-based Immuna Therapeutics GmbH through a Letter of Intent (LOI) for exclusive India rights to next-generation CAR-T cell therapies. The collaboration aims to target ₹3,000.00 crore incremental revenue through localized manufacturing and technology transfer.

Partnership Details

The partnership provides Astal Laboratories with exclusive rights to advanced CAR-T cell therapies, including TriCAR-T platforms, specifically for the Indian market. The comprehensive partnership structure covers multiple aspects of the therapy development and commercialization process.

Revenue Projections and Market Impact

Astal Laboratories has significantly revised its revenue expectations, now estimating the collaboration will generate incremental revenue of approximately ₹3,000.00 crore upon implementation. This substantial projection represents a ten-fold increase from earlier estimates, reflecting the enhanced scope and potential of the partnership.

The partnership positions the company strategically within India's immuno-oncology sector, particularly in the emerging cell and gene therapy segment. The localized manufacturing approach is expected to enhance accessibility to these advanced treatments for Indian patients while creating substantial revenue opportunities.

Strategic Significance

This collaboration aligns with Astal Laboratories' long-term strategy to expand into high-value advanced therapies and cell and gene therapy platforms. The partnership establishes the company at the forefront of next-generation immuno-oncology treatments in India, with the technology transfer component ensuring comprehensive knowledge and capability development.

The initiative creates a scalable platform for future cell therapy programs, potentially opening doors for additional therapeutic developments. The focus on CAR-T cell therapies represents a significant advancement in cancer treatment options, particularly for patients with certain blood cancers and solid tumors.

Implementation Framework

The proposed collaboration encompasses a comprehensive approach to bringing advanced CAR-T therapies to the Indian market. Technology transfer from Immuna Therapeutics will enable Astal Laboratories to establish local manufacturing capabilities, reducing dependency on imports and potentially lowering treatment costs.

The clinical development component ensures that therapies will be appropriately tested and validated for the Indian patient population, while the commercialization strategy focuses on making these advanced treatments accessible across the country through localized production and distribution networks.