Sun Pharma to buy over 5 percent stake in Pharmazz for up to USD 15 million
Mumbai: Sun Pharmaceutical Industries Limited has entered into an agreement with Pharmazz Inc. Delaware US, pursuant to which the Company has agreed to invest upto USD 15 million resulting in more than 5 percent holding in Pharmazz Inc.
Sun Pharma shall also receive the exclusive right to license Sovateltide for marketing & distribution in certain emerging market countries.
As per the filing, USD 7.5 million (Tranche 1) shall be invested by August 2024, while USD 7.5 million (Tranche 2) shall be invested by February 2025, subject to fulfillment of certain conditions.
The investment shall be convertible to equity at 20 percent discount to pre-money valuation of next qualified fund raise by Pharmazz, subject to premoney valuation cap of USD 130 Million.
Sun Pharma is an Indian multinational pharmaceutical company headquartered in Mumbai, Maharashtra. The company manufactures and markets a large basket of pharmaceutical formulations covering a broad spectrum of chronic and acute therapies. It includes generics, branded generics, specialty, complex or difficult-to-make technology-intensive products, over-the-counter (OTC), antiretrovirals (ARVs), Active Pharmaceutical Ingredients (APIs), and Intermediates.
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