Sun Pharmaceutical Industries Ltd on Tuesday said it will acquire a 16.33 per cent stake in Surgimatix, Inc, a U.S.-based firm for $3.05 million (over Rs 25 crore).
Surgimatix is engaged in the business of developing a proprietary soft tissue fixation device for laparoscopic hernia repair and other minimally invasive surgeries. It is yet to commence its commercial operations, Sun Pharmaceutical Industries said in a regulatory filing.
The company has entered into an agreement with Surgimatix, Inc under which it has agreed to acquire 16.33% shares of the latter, additionally, with the right to receive warrants equal to 20% of shares purchased, it added.
The cost of acquisition is $3.05 million, the filing said, adding that the acquisition is expected to be completed by February 2024, subject to fulfilment of certain conditions.
Surgimatix was incorporated on Nov. 19, 2007.
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