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Emcure Pharmaceuticals has acquired the remaining 12.05% stake in Gennova Biopharmaceuticals for ₹231.8 crore, making it a wholly owned subsidiary.
Why it matters: Emcure wants full control of Gennova as it sharpens its focus on biologics and biosimilars, two of the fastest-growing segments in healthcare. The move also simplifies the company's ownership structure.
If Gennova rings a bell, it's because it developed Gemcovac-19, India's first approved homegrown mRNA Covid vaccine.
What made it unique: unlike Pfizer and Moderna's vaccines, which required ultra-cold storage, Gemcovac-19 could be stored at 2-8°C, making it much easier to distribute across India.
The timing also matters. India's biosimilars market is expected to grow from $1.3 billion in 2025 to nearly $5.9 billion by 2033, growing at an annual rate of 21.3%.
