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.
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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