Sun Pharma Shares Hit Life High On Plans To Acquire Stake In Lyndra Therapeutics
The pharmaceutical company will acquire 16.7% stake in Massachusetts-based Lyndra Therapeutics for $30 million.
A day after Sun Pharmaceutical Industries Ltd. crossed the Rs 3 lakh crore market capitalisation, its shares touched a fresh life high on Tuesday, after it announced that it will acquire stake in Lyndra Therapeutics Inc.
The pharmaceutical company will acquire 16.7% stake in Massachusetts-based Lyndra Therapeutics for $30 million. It is a strategic investment to support development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories, an exchange filing said.
Sun Pharma shares rose 1.21%, before falling 1.06% at 10:04 a.m., compared to a 0.24% decline in the NSE Nifty 50.
The stock has risen 23.74% year-to-date. Total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 61.
Of the 40 analysts tracking the company, 37 maintain a 'buy' rating, two recommend a 'hold,' and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 27.2%.
