Sun Pharmaceutical Industries on Monday said it has entered into a share purchase agreement with Japan's Daiichi Sankyo Company to gain the latter's 11.28%
stake in Zenotech Laboratories. Sun Pharma said it will pay ₹5.32 crore for the stake.
The primary objective of the transaction from acquirer's perspective is to consolidate its holding in the target business, the Mumbai-based drug firm said in a regulatory filing. After the acquisition, Sun Pharma's stake in Zenotech will increase from 57.56% to 68.84%, it added. The acquisition is expected to complete in 30 days.
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