Sun Pharma to acquire 16.33% stake of Surgimatix for $3.05 million

Pharma company Sun Pharma announced that it will acquire a 16.33 percent stake in Michigan-based Surgimatix Inc for $3.05 million by the end of this month subject to fulfilment of some conditions.

The drugmaker made the disclosure on February 20 through a disclosure to the exchanges.

Surgimatix is engaged in developing a proprietary soft tissue fixation device for laparoscopic hernia repair and other minimally invasive surgeries.

The company is yet to commence its commercial operation.

The market capitalisation of Sun Pharmaceutical Industries (Sun Pharma) surpassed the Rs 3 lakh crore mark in December 2023.

On December 13, 2023, Sun Pharma’s speciality product ‘Ilumetri’ was included in category B of China’s national reimbursement drug list, which was then officially implemented from January 1, 2024.

Sun Pharma beat the Street estimates with a 16.5 percent rise in consolidated net profit of Rs 2,524 crore for the  December quarter of the fiscal as against Rs 2,166 crore recorded a year ago.

At 3.:18pm on February 20, shares of Sun Pharma were marginally up 0.52 percent at Rs 1,538.20 apiece.

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