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


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.



Source: PTI
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