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Sun Pharma arm picks up 14.6% stake in US firm for $13 mn

By
dilip sanghavi, sun pharama, suzlon

New Delhi: Sun Pharma subsidiary has invested $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 today.

It further said: “Consideration for Series B preferred stock acquired is $13 million.”

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

Sun Pharma stock was trading 2.59 per cent higher at Rs. 625 on the BSE.

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