Sun Pharma acquires minority stakes in two healthcare firms for Rs 180 crore

Sun Pharmaceutical Industries Ltd., one of India's leading pharmaceutical companies, has announced the acquisition of a 26.09% stake in digital health startups Agatsa Software Pvt. Ltd. and Remidio Innovative Solutions Pvt. Ltd. The move is part of Sun Pharma's strategy to expand its digital health capabilities and provide innovative healthcare solutions. Agatsa Software is a digital diagnostic devices company in its early stages that specialises in developing innovative medical devices and software solutions. Sun Pharma paid Rs 30 crore in two installments.

Tranche 1 would be completed in February 2023 for Rs 8 crore, and Tranche 2 would be completed in August 2023 for up to Rs 22 crore. Remidio Innovative Solutions, on the other hand, is a healthcare technology firm that specialises in high-quality, affordable, and accessible eye care solutions. The flagship product of the company is a portable fundus camera that can be used to detect and diagnose eye conditions such as diabetic retinopathy and glaucoma. The camera is easy to use, portable, and affordable, making it ideal for use in remote and rural areas.

Sun Pharma paid Rs 149.9 crore for the acquisition. The acquisition of stakes in Agatsa Software and Remidio Innovative Solutions will allow Sun Pharma to expand its digital health capabilities and bring innovative solutions to the healthcare industry. The move is in line with the company's overall strategy to invest in innovative technologies and solutions that can help improve patient outcomes and reduce healthcare costs. Sun Pharma reported a consolidated net profit of Rs 2,166 crore for the Q3 of FY23. The revenue stood at Rs 11,241 crore for the period under review. The board of directors of the company have also declared an interim dividend of Rs 7.50 for the financial year ending on March 31 this year with the record date of February 8 for the dividend eligibility.