Sun Pharma to buy 16.7 percent stake in Lyndra Therapeutics for Rs 249 crore
The transaction is expected to be completed by the end of December 2023, subject to certain conditions, Sun Pharma added.
Mumbai: India's Sun Pharmaceuticals Ltd has announced that it has entered into agreement to acquire a 16.7 per cent stake in US company Lyndra Therapeutics Inc for USD 30 million.
Lyndra Theraputics, based in Massachusetts, is engaged in the business of developing novel delivery technology for long-acting oral (LAO) therapies.
Sun Pharma stated in a regulatory filing that it is making the strategic investment to support development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories.
The transaction is expected to be completed by the end of December 2023, subject to certain conditions, it added.
Lyndra was founded in 2015 with technology that emerged from the Langer Lab at MIT. The company clocked a turnover of $10.7 million in 2022
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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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