In a strategic stake acquisition move, pharmaceutical powerhouse Sun Pharma has announced its acquisition of a substantial 37.76% stake in Ezerx Health Tech, a leading non-invasive diagnostic and ancillary medical device company, for a noteworthy sum of Rs 28.69 crore.
Moreover, Sun Pharma is set to further fortify its position in the healthcare technology sector by securing an additional 4% stake in Agatsa Software Private Limited, investing Rs 4.5 crore, thereby elevating its total ownership in the company to an impressive 30.13% after all tranches are finalized, as revealed in an official statement by the company.
Agatsa Software Private Limited is renowned for its pioneering work in the research, development, and market deployment of non-invasive medical devices within the diagnostic health domain, harnessing the power of cutting-edge technology and its robust R&D capabilities.
The share acquisition process is slated for completion by October 2023 for Ezerx Health Tech and by December 2023 for Agatsa Software Private Limited, contingent upon the successful fulfillment of specific conditions, the statement emphasized.
Meanwhile, on October 5, Sun Pharma experienced a marginal surge of 0.29%, with shares closing at Rs 1,125 each on the BSE.
Earlier on August 3, Sun Pharma reported a slight 1.9% year-on-year (YoY) dip in its consolidated net profit, tallying Rs 2,022.5 crore for the April-June quarter.
Simultaneously, the Mumbai-based pharmaceutical giant also disclosed an impressive 11% surge in consolidated revenue, from Rs 10,761.7 crore to Rs 11,941 crore, in the corresponding period from the previous year. Market analysts had initially estimated revenue to hover around Rs 11,606.5 crore.
About Sun Pharma:
Sun Pharmaceutical Industries Limited, also known as Sun Pharma, is an Indian multinational pharmaceutical corporation with its headquarters situated in Mumbai. The company is engaged in the production and distribution of pharmaceutical formulations and active pharmaceutical ingredients (APIs) worldwide, serving customers in over 100 countries. Sun Pharma holds the distinction of being the largest pharmaceutical company in India and ranks as the fourth-largest specialty generic pharmaceutical company globally.
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