Sun Pharma To Acquire 16.7% Stake In Lyndra Therapeutics For $30 Million
The cost of acquisition is $30 million and the transaction is expected to be completed by the end of December 2023, subject to certain conditions, it added.
Sun Pharmaceutical Industries Ltd on Monday said it will acquire a 16.7% stake in U.S.-based Lyndra Therapeutics, Inc for $30 million (nearly Rs 250 crore).
The company has entered into an agreement to acquire 16.7% shares on a fully diluted basis, in Lyndra Therapeutics Inc, based in Massachusetts, engaged in the business of developing novel delivery technology for long-acting oral (LAO) therapies, Sun Pharmaceutical Industries said in a regulatory filing.
On the reasons for the acquisition, Sun Pharma said it is a strategic investment to support the development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories.
The cost of acquisition is $30 million and the transaction is expected to be completed by the end of December 2023, subject to certain conditions, it added.
Incorporated on Jan. 14, 2015, Lyndra Therapeutics clocked a turnover of $10.7 million in 2022, $13.1 million in 2021 and $25.6 million in 2020.
