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Sun Pharma to acquire 16.33% stake in Surgimatix for $3.05 million

The cost of acquisition is $3.05 million, the filing said, adding that the acquisition is expected to be completed by February 2024, subject to fulfilment of certain conditions

Sun Pharma

Surgimatix was incorporated on November 19, 2007

Press Trust of India New Delhi

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Sun Pharmaceutical Industries Ltd on Tuesday said it will acquire a 16.33 per cent stake in Surgimatix, Inc, a US-based firm for $3.05 million (over Rs 25 crore).

Surgimatix is engaged in the business of developing a proprietary soft tissue fixation device for laparoscopic hernia repair and other minimally invasive surgeries. It is yet to commence its commercial operations, Sun Pharmaceutical Industries said in a regulatory filing.

The company has entered into an agreement with Surgimatix, Inc under which it has agreed to acquire 16.33 per cent shares of the latter, additionally, with the right to receive warrants equal to 20 per cent of shares purchased, it added.

 

The cost of acquisition is $3.05 million, the filing said, adding that the acquisition is expected to be completed by February 2024, subject to fulfilment of certain conditions.

Surgimatix was incorporated on November 19, 2007.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Feb 20 2024 | 7:59 PM IST

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