Sun Pharma to acquire 11.28 pc stake in Zenotech from Daiichi Sankyo

Sun Pharmaceutical Industries on Monday said it has entered into a share purchase agreement with Japan's Daiichi Sankyo Company to acquire the latter's 11.28 percent stake in Zenotech Laboratories.

Sun Pharma said it will pay Rs 5.32 crore for the stake.

The primary objective of the transaction from acquirer's perspective is to consolidate its holding in the target company, the Mumbai-based drug firm said in a regulatory filing.

After the acquisition, Sun Pharma's stake in Zenotech will increase from 57.56 percent to 68.84 percent, it added.

The acquisition is expected to complete in 30 days.