Drugmaker Sun Pharmaceutical Industries Ltd has acquired a stake in US-based pharmaceuticals company scPharmaceuticals Inc for $13 million, the firm told stock exchanges on Friday.
Sun Pharma has acquired 1,300,000 Series B preferred stock in the entity through one of its wholly owned subsidiaries. The investment translates to 14.58 % fully diluted equity stake upon conversion, it said in a statement.
scPharmacuticals, a US-based drug firm founded in 2014, is developing a portfolio of pharmaceutical products for subcutaneous delivery. Subcutaneous delivery refers to the process where medication is administered ‘under the skin’. scPharmaceuticals’ lead products include furosemide, a drug that is used to treat heart failure, and ceftriaxone which is a type of antibiotic, it said.
scPharmaceuticals had no income in 2014 and 2015, it added.
This investment comes a day after Sun Pharma said it is acquiring a cancer drug Odomzo from Novartis AG for $175 million.
Sun Pharma, which has Singapore sovereign wealth fund GIC and state investment firm Temasek as investors, has made several acquisitions and entered new segments over the past months.
In October, Sun Pharma said it would acquire Swiss firm Ocular Technologies from private equity firm Auven Therapeutics to boost its ophthalmic pipeline. It agreed to pay Auven $40 million upfront, plus contingent development and sales milestones as well as tiered royalty on sales of Ocular's eye disease treatment drug Seciera.
In March, Sun Pharma said it will acquire 14 prescription brands from Swiss firm Novartis in Japan for $293 million in a deal that would help it establish a strong footprint in the world’s second-largest pharmaceutical market.
The drugmaker announced its entry into the dermatology segment in June with the launch of its sunscreen product Suncros, as it sought to expand its over-the-counter business
Sun Pharma is India’s largest drug manufacturer and has a market capitalisation of around Rs 1.5 lakh crore on Friday, according to Bombay Stock Exchange. The fifth largest specialty generics maker in the world has consolidated revenues of around $4.5 billion.
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