The investment, made in three tranches, will result in a 5.38% stake in the cell and gene therapy solutions provider by December. The pharmaceutical announced a nearly $2 million investment, with an acquisition cost of ₹1,32,612.47 per share.
Cellogen’s research into innovative and cost-effective cell and gene therapies for treating a variety of oncological, haematological, and metabolic diseases is consistent with our core value of providing advanced healthcare at an affordable price and serves as the foundation of our investment thesis,” Natco CEO Rajeev Nannapaneni said on Wednesday. Shares of the Hyderabad-based firm closed 1.66% lower at ₹818.50 on the BSE.
The start-up, founded by Gaurav Kharya, Director of the Centre for Bone Marrow Transplant & Cellular Therapy at Indraprastha Apollo Hospital in Delhi, is working on two research and development projects involving cell and gene therapy solutions.
Cellogen has been working on its next-generation CAR T program for two and a half years and has narrowed down a specific CAR construct from among 40 options. It plans to begin phase 1 clinical trials in the first half of 2024 following successful pre-clinical evidence with the chosen CAR. Cellogen also wants to provide gene therapy options at a reasonable cost.
