Sun Pharma arm picks up 14.6 per cent stake in US company for $13 mn
23 Dec 2016 7:03 AM GMT
The company has acquired 13,000,000 Series B preferred stock of scPharmaceuticals Inc by way of allotment.
Shares of the country's largest drugmaker by market value recorded their biggest intra-day percentage drop since May 29, 2017.
New Delhi: Sun Pharma today said 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.
( Source : PTI )
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