Sun Pharma to buy 16.33 percent stake in Surgimatix for over Rs 25 crore
New Delhi: Pharma major, Sun Pharmaceutical Industries Ltd, on Tuesday said it will acquire a 16.33 per cent stake in Surgimatix, Inc, a US-based firm for USD 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 recent regulatory filing.
The company has entered into an agreement with Surgimatix, Inc under which it has agreed to acquire 16.33 per cent shares of the latter, additionally, with the right to receive warrants equal to 20 per cent of shares purchased, it added.
The cost of acquisition is USD 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 November 19, 2007.
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Medical Dialogues team had earlier reported that Sun Pharmaceutical Industries Limited and Taro Pharmaceutical Industries Ltd. had entered into a definitive merger agreement in which Sun Pharma, Taro's controlling shareholder, had agreed to acquire all of the outstanding ordinary shares of Taro other than the shares already held by Sun Pharma or its affiliates for US$43.00 per share in cash without interest.
Read also: Sun Pharma to acquire remaining stake in Taro Pharma
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.
