Sun Pharma buys stake in US based biopharma company

Mumbai: Drug maker, Sun Pharma has acquired 15.9% stake in US-based biopharmaceutical company, Krystal Biotech Inc.

One of the wholly-owned subsidiaries of the company has agreed to acquire by way of allotment to it, 203,135 Series A Preferred Stock (equivalent to 15.91% fully diluted equity stake on conversion) of Krystal Biotech Inc., United States of America, said Sun Pharma in a BSE filing on Tuesday.

Krystal Biotech was founded in March this year which develops advance gene therapy for treatments of patients suffering from rare debilitating disorders.

Last month, the company had invested Rs 85.5 crore in Zenotech Laboratories Ltd to raise its stake from 46.85 percent to 57.56 percent.

Medical Dialogues had earlier reported that Sun Pharmaceutical (Sun Pharma) Industries had announced that the company had increased its stake in Zenotech Laboratories from 46.85% to 57.56%.

Read also: Sun Pharma increases stake in Zenotech to 57.56 per cent