Funding News

Cohance Lifesciences Is Investing $18 Million in NJ Bio and Aruka Bio to Build India's Most Integrated ADC CRDMO Platform

By Mustafa Shariff, Editor in Chief · September 07,2026 · 2 mins read

Mustafa Shariff, Editor in Chief — Cohance Lifesciences Is Investing $18 Million in NJ Bio and Aruka Bio to Build India's Most Integrated ADC CRDMO Platform

Summary

  • Cohance Lifesciences Commits $18M to NJ Bio and Aruka Bio — Building India's Most Integrated ADC CRDMO Platform
  • Cohance Lifesciences (formerly Suven Pharma) announced $13M additional investment in NJ Bio and $5M controlling stake in Aruka Bio — building an integrated ADC CRDMO platform combining linker-payload chemistry, bioconjugation, and biologics manufacturing under one platform.

"ADC development requires true integration across three distinct disciplines — linker-payload chemistry, bioconjugation, and large-molecule biologics manufacturing — with each discipline demanding specialist expertise and infrastructure that very few organisations in the world can provide under one roof. Our investments in NJ Bio and Aruka Bio are steps toward that fully integrated ADC platform. NJ Bio brings established ADC chemistry and CRDMO capabilities. Aruka Bio brings next-generation ADC pipeline assets and an innovative scientific approach. Together, and with Cohance's existing infrastructure, we are building something genuinely differentiated in the global ADC CRDMO market."

Cohance Lifesciences Limited announced on September 3, 2026 two strategic transactions designed to advance its Antibody-Drug Conjugate (ADC) capabilities: an additional $13 million investment in NJ Bio and a $5 million controlling investment in Aruka Bio — a total commitment of $18 million, funded from internal accruals. Both transactions are expected to complete by the end of September 2026, subject to definitive agreements and regulatory approvals.
The Two Investments Explained
NJ Bio is a US-based ADC chemistry and CRDMO organisation — with capabilities in the linker-payload chemistry and bioconjugation expertise that ADC development requires. BHC Media has covered the ADC sector extensively in 2026: the Piramal Pharma Solutions-Ajinomoto Bio-Pharma ADC partnership (August 3 edition), Cohance's existing NJ Bio relationship, and the global ADC clinical pipeline expansion that is driving CDMO investment across India. The additional $13M investment deepens Cohance's stake and integration with NJ Bio's established commercial operations.
Aruka Bio is a newer ADC company — bringing next-generation ADC pipeline assets and an innovative scientific approach. Dr Naresh Jain will serve as CEO of Aruka, expressing commitment to working across both businesses and eventually focusing full-time on Aruka as it scales. Post-transaction, Aruka Bio will be owned 65% by Cohance Lifesciences, 25% by NJ Bio, and 10% by Dr Naresh Jain, before further dilution from Dr Jain's performance-linked equity award.
Why ADCs for Cohance
Cohance Lifesciences (formerly Suven Pharmaceuticals) has been building its CRDMO platform across three domains: small molecule APIs (its legacy capability), nucleic acid chemistry (oligonucleotides and RNA therapeutics), and ADCs. The ADC domain represents the fastest-growing and highest-barrier commercial CDMO category in global pharmaceutical manufacturing — with 100-plus ADCs in clinical development, multiple recent FDA approvals (Enhertu, Padcev, Trodelvy), and a global LOE wave that Amneal-Kashiv (covered August 21 edition) and other platform investors are positioning to serve.
The Q1 FY27 Context: Weak Quarter, Strong Pipeline
Cohance posted weak Q1 FY27 results — revenue Rs 4,223 million, down 23.1% YoY, with adjusted EBITDA of Rs 92 million impacted by order phasing and lower CDMO contribution. NJ Bio reported revenue of Rs 350 million with an adjusted EBITDA loss. Executive Chairman Umang Vohra was direct: 'Q1 has been weak on both revenue and EBITDA and would be our lowest quarter ever.' He guided for improvement in Q2 and a return to year-on-year growth from H2, supported by secured orders and pipeline progress.
BHC Perspective
For BHC's CDMO and biotech founders, Cohance's $18M ADC investment is a strategic signal from one of India's most sophisticated CRDMO operators: ADC capabilities are the most defensible, highest-margin growth vector in the CDMO market. For BHC's HMEP cohort — the contrast between Cohance's weak Q1 FY27 and its confident H2 guidance and strategic ADC investment is a textbook case of strategic investment through a cyclical trough.
Frequently Asked Questions
Q: What is Cohance investing $18M in?
A: $13M additional investment in NJ Bio (US-based ADC chemistry CRDMO) + $5M controlling investment in Aruka Bio (next-generation ADC pipeline company). Both target expansion of Cohance's integrated ADC platform. Funded from internal accruals, completing end of September 2026.
Q: Who is Cohance Lifesciences?
A: Formerly Suven Pharmaceuticals, Cohance Lifesciences is a global CRDMO specialising in small molecule APIs, ADCs, and nucleic acid chemistry. Executive Chairman: Umang Vohra. Listed on NSE (COHANCE). Had weak Q1 FY27 (revenue down 23.1%) but guiding H2 recovery.
Q: Why is Cohance investing in ADCs specifically?
A: ADC development requires integration across three disciplines (linker-payload chemistry, bioconjugation, biologics manufacturing) that very few organisations provide. 100+ ADCs in clinical development, multiple recent FDA approvals, and a growing global LOE wave are creating the CRDMO demand that Cohance's NJ Bio and Aruka Bio investments are positioning to serve.