Mankind Pharma to Acquire 70% Stake in Armed Cell Therapeutics for Rs 511.4 Crore

The company's Board of Directors approved the transaction at its meeting held on October 15, 2026. As part of the arrangement, Mankind Pharma will make an additional investment of up to EUR 45 million (approximately Rs 479.4 crore) in Mankind Pharma (Netherlands) B.V. in one or more tranches, increasing the aggregate investment limit to EUR 50 million (approximately Rs 532.7 crore), including the previously approved investment limit of EUR 5 million (approximately Rs 53.3 crore). The funds will be used by the Netherlands subsidiary to invest EUR 48 million (approximately Rs 511.4 crore) in ACTx in instalments to acquire the 70% stake.

Armed Cell Therapeutics is a Belgium-based biotechnology company focused on developing next-generation armed CAR-T therapies for cancer. Its development pipeline includes lead programmes targeting non-Hodgkin lymphoma and small cell lung cancer. The company's research and development activities are led by experienced teams based in the United States and Europe.

ACTx is exploring innovative approaches to CAR-T cell therapy, including in vivo CAR-T cell generation. CAR-T therapies have transformed the treatment of certain blood cancers; however, treatment challenges include relapse associated with limited CAR-T cell persistence, T-cell exhaustion and the emergence of resistant cancer cells. Solid tumours also present challenges because CAR-T cells may struggle to penetrate them and function within hostile tumour microenvironments.

Armed CAR-T cells are engineered with additional payloads intended to strengthen and sustain their anti-tumour activity, with the aim of achieving deeper and more durable responses. Targeting multiple cancer antigens is designed to make it more difficult for cancer cells to evade treatment.

ACTx was founded by a team with experience in drug development, cell therapy and company building. Its founders include Dr. Paul Stoffels, Chair of the Board and former Chief Executive Officer of Galapagos and former Chief Scientific Officer of Johnson & Johnson; Dr. John Mellors, Chief Scientific Officer, Distinguished Professor of Medicine at the University of Pittsburgh and former Senior Vice President of Discovery and Early Development at Galapagos; and Peter Verhaeghe, former Chair of argenx.

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Commenting on the transaction, Arjun Juneja, Chief Operating Officer of Mankind Pharma Limited, said innovation would be one of the company's defining growth engines over the coming decades. He described the investment as the first step towards building a global pipeline of breakthrough therapies and said the venture would provide access to differentiated scientific platforms, experienced leadership and the potential to develop multiple next-generation CAR-T candidates. He added that the company's long-term ambition was to participate in global scientific innovation and make transformative therapies more accessible to patients in India and around the world.

Dr. Paul Stoffels, Chair of the Board of Armed Cell Therapeutics, said next-generation CAR-T therapies could reach more patients if they were made more powerful and durable. He added that ACTx had the assets and team, along with Mankind Pharma's backing, to pursue this objective.

Mankind Pharma stated that the partnership supports its vision of becoming an innovative, research-focused healthcare company and strengthens its ability to deliver advanced therapies globally while maintaining its commitment to quality, affordability and accessibility.

Mankind Pharma is one of India's largest pharmaceutical companies, with a strong domestic presence across pharmaceutical formulations and consumer healthcare. Its therapeutic areas include anti-infectives, cardiovascular, gastrointestinal, antidiabetic, neuro/CNS, gynaecology, vitamins, minerals and nutrition, and respiratory medicines. Following the acquisition of BSV, the company further strengthened its position in the domestic women's health segment.

The company has a distribution network comprising more than 18,500 professionals and reaches over five lakh doctors across urban and rural markets. It operates 32 manufacturing facilities in India and has seven dedicated research and development facilities supported by more than 740 scientists.

Armed Cell Therapeutics is headquartered in Belgium, with operations in the Netherlands, research and preclinical operations in Pittsburgh, United States, and early-development CAR-T cell therapy activities across Europe, Asia and the United States. Its lead programmes focus on non-Hodgkin lymphoma, where relapse after existing CAR-T therapy remains common, and small cell lung cancer, an aggressive tumour with limited effective treatment options.