Sun Pharma invests $30 million to acquire a 16.7% stake in US-based Lyndra Therapeutics, gaining access to novel drug delivery technology. The deal is expected to be completed by the end of December 2023.
Photograph: Francis Mascarenhas/Reuters
New Delhi, Dec 18 (PTI) Sun Pharmaceutical Industries Ltd on Monday said it will acquire a 16.7 per cent stake in US-based Lyndra Therapeutics, Inc for USD 30 million (nearly Rs 250 crore).
The company has entered into an agreement to acquire 16.7 per cent shares on a fully diluted basis, in Lyndra Therapeutics Inc, based in Massachusetts, engaged in the business of developing novel delivery technology for long-acting oral (LAO) therapies, Sun Pharmaceutical Industries said in a regulatory filing.
On the reasons for the acquisition, Sun Pharma said it is a strategic investment to support the development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories.
The cost of acquisition is USD 30 million and the transaction is expected to be completed by the end of December 2023, subject to certain conditions, it added.
Incorporated on January 14, 2015, Lyndra Therapeutics clocked a turnover of USD 10.7 million in 2022, USD 13.1 million in 2021 and USD 25.6 million in 2020.
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