The drug major said that one of its wholly-owned subsidiaries has agreed to acquire 428,571 ordinary shares (equivalent to 12.5% stake) in WRS Bioproducts, Australia.
WRS Bioproducts is an early stage company based in Australia, developing novel technologies to produce and commercialize supplements and nutraceutical ingredients from diverse algae species.
The cost of the said acquisition is 2 million Australian dollars and the company expects to complete the same by 15 March 2021.
Sun Pharma is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
The drug major reported an 102.78% jump in consolidated net profit to Rs 1,852.48 crore on 8.3% rise in revenue from operations to Rs 8,836.78 crore in Q3 FY21 over Q3 FY20.
The scrip fell 1.24% to end at Rs 610.95 on the BSE on Friday.
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