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Sun Pharmaceutical's arm buys 14.6 per cent stake in US-based scPharmaceuticals for around Rs 88 crore

Sun Pharmaceutical's Subsidiary Has Invested USD 13 Million (about Rs 88 Crore) In The US-based ScPharmaceuticals Inc.

PTI | Updated on: 23 Dec 2016, 12:39:10 PM
Sun Pharmaceutical  -File Photo

New Delhi:

Indian pharma giant Sun Pharmaceutical on Friday said that its subsidiary has invested USD 13 million (about Rs 88 crore) in the US-based scPharmaceuticals Inc.

"...One of the wholly-owned subsidiaries of the company has acquired 13,000,000 Series B preferred stock of scPharmaceuticals Inc (equivalent to 14.58 per cent fully diluted equity stake on conversion) by way of allotment," Sun Pharmaceutical Industries said in a BSE filing.

It further said: "Consideration for Series B preferred stock acquired is USD 13 million."

scPharmaceuticals Inc is a United States-based pharmaceutical company developing a portfolio of transformative pharmaceutical products for subcutaneous delivery.

The stock of Sun Pharma was trading 2.59 per cent higher at Rs 625 on BSE on Friday.

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First Published : 23 Dec 2016, 12:31:00 PM