Drug major Sun Pharmaceutical on Monday announced that it has entered into an agreement to acquire 16.7 percent stake in US-based Lyndra Therapeutics for $30 million. Lyndra Therapeutics Inc. is developing novel delivery technology for long-acting oral (LAO) therapies.
“We wish to inform you that Sun Pharmaceutical Industries Limited (which includes its subsidiaries and/or associated companies) has entered into an agreement to acquire an interest of approximately 16.7% of the shares on a fully diluted basis in Lyndra Therapeutics,” it said. the company in a press release. exchange deposit.
The acquisition of the stake is expected to be completed by the end of December 2023. Incorporated in January 2015, Lyndra Therapeutics reported revenue of $25.6 million in 2020, $13.1 million in 2021 and $10.7 million in 2022.
Shares of Sun Pharma rose 1.23 per cent to Rs 1,251.55 on Monday.
Sun Pharma’s consolidated net profit increased in the second quarter (Q2) of the financial year 2023-24. Its net profit stood at Rs 2,376 crore, up 5.04 per cent from Rs 2,262 crore last year. The company’s operational revenue stood at Rs 12,192 crore in Q2 FY24, an increase of 11.32% (y-o-y) over Rs 10,952 crore for the corresponding period last year.
Sun Pharma recorded gross sales of Rs 12,003.1 crore in the September quarter, a growth of 11 per cent over the same period last year. Sales of formulations in India stood at Rs 3,842.5 crore, up 11.1% from the second quarter of last year.
