Sun Pharma arm picks up 14.6% stake in US company for $13 mn
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."
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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.
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First Published: Dec 23 2016 | 12:28 PM IST