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Sun Pharma to Acquire 16.7% Stake in Lyndra Therapeutics for $30 mn
Industry News- Dec 20,23
Sun Pharma has formally entered into an agreement to acquire this stake, calculated on a fully diluted basis.
Sun Pharmaceutical Industries announced its intention to acquire a 16.7% stake in Lyndra Therapeutics, Inc, a US-based company, for a sum of $30 million (approximately Rs 250 crore).
According to a regulatory filing, Sun Pharma has formally entered into an agreement to acquire this stake, calculated on a fully diluted basis. Lyndra Therapeutics, headquartered in Massachusetts, specialises in the development of innovative delivery technology for long-acting oral (LAO) therapies.
Sun Pharma justified the acquisition as a strategic investment aimed at supporting the advancement of cutting-edge pharmaceutical delivery technologies and gaining access to such technology for specific molecules and territories.
The acquisition cost is pegged at $30 million, with the transaction anticipated to conclude by the end of December 2023, subject to fulfilment of certain conditions, as mentioned in the statement.
Lyndra Therapeutics, established on January 14, 2015, reported a turnover of $10.7 million in 2022, $13.1 million in 2021, and $25.6 million in 2020.
Source: Business Standard
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