Emcure Pharmaceuticals Ltd has acquired the remaining stake in its biopharma subsidiary, Gennova Biopharmaceuticals Ltd, taking full ownership of the company.
The Mumbai-listed drugmaker also announced a leadership transition at Gennova as it sharpens its focus on biologics and biosimilars.
In a stock exchange filing on Monday, Emcure said it is acquiring the remaining 12.05% stake in Gennova from CEO Sanjay Singh and other minority shareholders for Rs 231.8 crore ($24.2 million), raising its ownership from 87.95% to 100%.
The company said the transaction is not expected to have a material impact on its consolidated financials or capital allocation framework. Its deleveraging trajectory, capital expenditure plans, and R&D investments will remain unchanged.
Following the acquisition, Gennova will be led by Samit Mehta and will focus on expanding its biologics franchise, biosimilars pipeline, and adjacent therapeutic platforms.
Its biologics portfolio includes clot-busting drug Elaxim, anemia treatment Vintor, white blood cell booster Xgrast, and cancer therapy Hamsyl.
"Our work will complement Emcure's broader R&D and pipeline priorities, with a focus on execution, quality and disciplined development across our chosen therapy areas,” said Samit Mehta, whole-time director and CEO of Gennova Biopharmaceuticals.
Originally incorporated as Emcure Dragon Biotech Ltd in 2001, Gennova is engaged in the research, development, manufacturing, and marketing of biotechnology-based products.
The subsidiary reported revenue of Rs 491 crore in the financial year ended March 2026, up over 14% from Rs 429 crore a year ago, according to the stock exchange filing.
