Sun Pharma acquires minority stake in 2 medical devices companies: Check details here

Sun Pharmaceutical Industries announced the acquisition of minority stake in Agatsa Software Private Limited and Remidio Innovative Solutions Private Limited on February 18.

The pharma major will hold a 26.09 percent stake in Agatsa Software, an early-stage digital diagnostic devices company. In Remidio Innovative Solutions, a company that provides innovative products for early detection of eye diseases, Sun Pharma will be acquiring 27.39 percent.

Also Read: Sun Pharma's research arm posts profit for the first time since June 2020; revenue doubles

Sun Pharma's minority stake acquisition in Agatsa Software will take place in two tranches for a total of Rs 30 crore and is expected to be completed by August 2023. Notably, Agatsa Software had a turnover of Rs 44 lakh in FY22.

On the other hand, the deal with Remidio Innovative Solutions is expected to close sooner, by end of February, for a cash consideration of Rs 149.9 crore. The company had a turnover of Rs 26.6 crore last FY.

Sun Pharma's earlier acquisition was US-based Concert Pharma, to boost its specialty pipeline. Announced in January 2023, the deal worth $576 million gives the company access to Deuruxolitinib, which is being evaluated for treatment for the autoimmune condition alopecia areata, resulting in patchy hair loss.

Recently, it has also bought anti-inflammatory brands Disperzyme, Disperzyme-CD, and Phlogam from Mumbai-based Aksigen Hospital Care.

In Q3 FY23, Sun Pharma recorded a 5 percent YoY growth in consolidated profit of Rs 2,166 crore for the quarter ended December 31, 2022, as against Rs 2,059 crore a year back. Revenue from operations grew 14 percent YoY to Rs 11,241 crore.