Indian Pharma major Sun Pharmaceuticals Ltd. said that it has entered into agreement to acquire about 16.7 percent shares on fully diluted basis, in Lyndra Therapeutics Inc., for $30 million.
Lyndra Theraputics is a company based in Massachusetts, USA, engaged in the business of developing novel delivery technology for long-acting oral (LAO) therapies.
Sun Pharma stated that the strategic investment is to support development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories.
The US company had a turnover of $10.7 million in 2022. Lyndra was founded in 2015 with technology that emerged from the Langer Lab at MIT. Robert Langer, Sc.D., Giovanni Traverso, M.D., Ph.D., Andrew Bellinger, M.D., Ph.D. and Amy Schulman, J.D., founded the company to develop, expand and eventually commercialize the technology that would ultimately become the LYN drug delivery platform.
In July 2023, the company elevated its ten COO Jessica Ballinger to the Chief Executive Officer post.
Lyndra has raised $260 million to date through investors and partners, including $100 million in non-dilutive grants, according to the company website. Lyndra has achieved rapid progress in a short span of time formulating 19 therapies in the lab and advancing four therapeutic products to the clinic, validating the feasibility of its platform with multiple APIs.
The company was last in news in September after Fierce Pharma reported that Lyndra Therapeutics cuts nearly a quarter of staff.
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