Sun Pharma arm picks up 14.6 percent stake in US company for 13 mn dollars

New Delhi : Sun Pharma said its subsidiary has invested $13 million (about Rs 88 crore) in the US-based scPharmaceuticals Inc.

"One of the wholly-owned subsidiaries of the company has acquired 13,000,000 Series B preferred stock of scPharmaceuticals Inc (equivalent to 14.58 per cent fully diluted equity stake on conversion) by way of allotment," Sun Pharmaceutical Industries said in a BSE filing.

It further said: "Consideration for Series B preferred stock acquired is $13 million."

scPharmaceuticals Inc is a United States-based pharmaceutical company developing a portfolio of transformative pharmaceutical products for subcutaneous delivery.

The stock of Sun Pharma was trading 2.59 per cent higher at Rs 625 on BSE.