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

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.