Sun Pharma extends gains on $30-mn deal to buy Lyndra Therapeutics stake

This is a strategic investment to support the development of innovative pharmaceutical delivery technologies

Sun Pharmaceutical Industries shares traded over a percent higher at Rs 1,267 early on December 19 after the company announced it has agreed to acquire about 16.7 percent shares on a fully diluted basis for $30 million.

"This is a strategic investment to support the development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories," the pharma major said in a regulatory filing on December 19.

Also read: Sun Pharma market cap breezes past Rs 3 lakh crore, stock hits 52-week high

At 9:20am, the counter was trading at Rs 1,261, up 0.6 percent from the previous close on the NSE, extending gains for the third straight trading session in a row. In the last six months, the stock has gained over 25 percent.

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Lyndra Therapeutics Inc is a Massachusetts-based company with its registered office in Watertown, MA. It is involved in the business of
developing novel delivery technology for long-acting oral (LAO) therapies.

Read more: Sun Pharma's specialty product Ilumetri included in China's national reimbursement drug list

As per a regulatory filing, the acquisition is expected to be completed by the end of December 2023, subject to certain conditions.

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.

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