Sun Pharma to acquire 16.33% stake in Sergimatics for $3.05 million
Surgimatics is engaged in developing a proprietary soft tissue fixation device for laparoscopic hernia repair and other minimally invasive surgeries.
Sun Pharma reports net profit of Rs 2,524 crore in December quarter of the financial year
Pharma company Sun Pharma has announced that it will acquire 16.33 per cent stake in Michigan-based Sergimatics Inc for $3.05 million by the end of this month subject to fulfillment of certain conditions.
The drug maker disclosed this in a filing to the exchanges on February 20.
Surgimatics is engaged in developing a proprietary soft tissue fixation device for laparoscopic hernia repair and other minimally invasive surgeries.
The company has not yet started its commercial operations.
The market capitalization of Sun Pharmaceutical Industries (Sun Pharma) crossed the Rs 3 lakh crore mark in December 2023.
On December 13, 2023, Sun Pharma's specialty product 'Illumetri' was included in Category B of China's national reimbursed drug list, which was then officially implemented from January 1, 2024.
Sun Pharma beats Street estimates by 16.5 per cent rise in consolidated net profit at Rs 2,524 crore in December quarter of fiscal, whereas a year ago it was Rs 2,166 crore.
At 3.18 pm on February 20, Sun Pharma shares were marginally higher by 0.52 per cent at Rs 1,538.20.
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