Sun Pharma to acquire 16.7% stake in Lyndra Therapeutics for $30 million

Pharma major Sun Pharmaceutical on Monday informed that it has entered into an agreement to acquire 16.7 per cent stake in the US-based Lyndra Therapeutics for $30 million. Lyndra Therapeutics Inc. is in the business of developing novel delivery technology for long-acting oral (LAO) therapies.

"This is to inform you that Sun Pharmaceutical Industries Limited (which includes its subsidiaries and/or associate companies), has entered into agreement to acquire stake ~16.7% shares on a fully diluted basis, in Lyndra Therapeutics," the company said in an exchange filing.

The stake acquisition is expected to be completed by the end of December 2023. Incorporated in January 2015, Lyndra Therapeutics reported $25.6 million in revenue in 2020, $13.1 million in 2021, and $10.7 million in 2022.

Shares of Sun Pharma rose 1.23 per cent to settle at Rs 1,251.55 on Monday.

Sun Pharma's consolidated net profit rose in the second quarter (Q2) of FY 2023-24. Its net profit came in at Rs 2,376 crore, up 5.04 per cent from Rs 2,262 crore in the year-ago period. The firm's revenue from operations stood at Rs 12,192 crore in Q2 FY24, an 11.32 per cent (year-on-year) rise from Rs 10,952 crore in the corresponding period last year.

Sun Pharma posted gross sales of Rs 12,003.1 crore in the September quarter, a growth of 11 per cent over same period last year. India formulation sales were at Rs 3,842.5 crore, up 11.1 per cent as against Q2 last year.