Sun Pharmaceutical Industries Ltd on Monday said it will acquire a 16.7% stake in U.S.-based Lyndra Therapeutics, Inc for $30 million (nearly Rs 250 crore).
The company has entered into an agreement to acquire 16.7% 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 $30 million and the transaction is expected to be completed by the end of December 2023, subject to certain conditions, it added.
Incorporated on Jan. 14, 2015, Lyndra Therapeutics clocked a turnover of $10.7 million in 2022, $13.1 million in 2021 and $25.6 million in 2020.
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