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

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NEW DELHI: Sun Pharma today said its subsidiary has invested $13 million (about Rs 88 crore) in the US-basedscPharmaceuticals 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 $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.