Sun Pharma To Buy 16.7% Stake in Lyndra Therapeutics For $30 Million

Sun Pharmaceutical Industries Ltd announced it will pay USD 30 million (almost Rs 250 crore) for a 16.7% interest in Lyndra Therapeutics, Inc, situated in the United States. Sun Pharmaceutical Industries said in a regulatory filing that it has entered into an agreement to acquire 16.7% of the shares in Lyndra Therapeutics Inc, a Massachusetts-based company that is developing novel delivery technology for long-acting oral (LAO) therapies.

On the reasons for the acquisition, Sun Pharma said it is a strategic investment to support the development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories, as per PTI.

The acquisition will cost USD 30 million and is projected to be completed by the end of December 2023, subject to certain circumstances. Lyndra Therapeutics, founded on January 14, 2015, expects to earn USD 10.7 million in 2022, USD 13.1 million in 2021, and USD 25.6 million in 2020.

Sun Pharmaceutical Industries Limited, located in Mumbai, is an Indian multinational pharmaceutical firm that makes and sells pharmaceutical formulations and active pharmaceutical ingredients in over 100 countries worldwide. 

It is India's largest pharmaceutical firm and the world's fourth largest specialized generic pharmaceutical company. The items encompass psychiatry, anti-infectives, neurology, cardiology, diabetology, gastroenterology, ophthalmology, nephrology, urology, dermatology, gynecology, respiratory, oncology, dentistry, and nutritionals. Baricitinib, brivaracetam, and dapaglifozin are among its active pharmaceutical compounds.