Emcure Pharmaceuticals' subsidiary Gennova Biopharmaceuticals Ltd. has entered into a Business Transfer Agreement (BTA) to divest its mRNA business to Immunoscript Life Science Private Limited through a slump sale valued at Rs. 139.5 crore.

The transaction, approved on July 10, 2026, is expected to be completed by July 17, 2026, subject to the fulfilment of customary conditions precedent and statutory and regulatory approvals.

According to Emcure's stock exchange filing, the mRNA business will be transferred as a going concern for a lump-sum cash consideration of Rs. 1,395 million (Rs.139.5 crore).

For FY2025-26, the divested business generated revenue of Rs. 64.71 crore, accounting for 0.71% of Emcure's consolidated revenue of Rs. 9,115.89 crore. The business had a net worth of Rs. 132.63 crore, representing 2.68% of the company's consolidated net worth.

The buyer, Immunoscript Life Science Private Limited, is a newly incorporated company promoted by Dr. Sanjay Singh, who previously served as a Director of Gennova Biopharmaceuticals.

The company clarified that Dr. Singh is no longer associated with Gennova, and the transaction does not constitute a related-party transaction under applicable regulations.

Emcure said the divestment is part of Gennova's strategic reorganisation aimed at sharpening its focus on its core biotechnology businesses.

"The transfer of the mRNA business is part of Gennova's strategic initiative to reorganize its business operations and focus on core areas comprising research and development, manufacturing and marketing of biotechnology-based products, including biosimilars and adjacent therapeutic platforms," the company said in its filing.

The move marks a strategic realignment for Gennova, which gained prominence for developing India's indigenous mRNA COVID-19 vaccine.