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Gennova, mRNA Covid vaccine maker lines up Rs 250-crore capex

Gennova, a subsidiary of Emcure Pharmaceuticals (Emcure), has collaborated with Seattle-based HDT Biotech Corporation for the vaccine.

15 April, 2021 Mumbai

Gennova Biopharmaceuticals Ltd, which is making the messenger RNA (mRNA) vaccine for Covid-19, plans to raise Rs 135 crore in debt to fund the Rs 250-crore capital expenditure (capex), as per sources.

Gennova, a subsidiary of Pune-based Emcure Pharmaceuticals (Emcure), has collaborated with Seattle-based HDT Biotech Corporation for the vaccine. The vaccine has successfully completed animal trials. Phase I and II clinical trials are expected to be completed in the next two to three months.

A planned capex of Rs 250 crore for facility expansion is expected to be funded by the Rs 70-crore government grant, Rs 135-crore debt, and the rest from internal accrual,

Gennova is strategically important to Emcure, given its presence in the niche biopharmaceutical and vaccine development segment. It has a portfolio of seven products, including injections Pegex, Emgrast M, and Hamsyl, in oncology, cardiovascular, neurology, and nephrology segments.

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