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

"...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% fully diluted equity stake on conversion) by way of allotment," Sun Pharmaceutical Industries said in a BSE filing.

Sun Pharma arm picks up 14.6% stake in US company for $13 million
Sun Pharma said its subsidiary has invested $ 13 million (about Rs 88 crore) in the US-based scPharmaceuticals Inc. Photo: Reuters/ Danish Siddiqui

Sun Pharma today said its subsidiary has invested $ 13 million (about Rs 88 crore) in the US-based scPharmaceuticals 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% 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% higher at Rs 625 on BSE.

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Written By: PTI
Updated: Fri, Dec 23, 2016
12:37 PM IST
New Delhi, PTI
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