Sun Pharma arm picks up 14.6% stake in US company for $13 mn

NEW DELHI, Dec 23:  Sun Pharma today said its subsidiary has invested USD 13 million (about Rs 88 crore) in the US-based scPharmaceuticals Inc.
“…One of the wholly-owned subsidiaries of the company has acquired 13,000,000 Series B preferred stock of scPharmaceuticals Inc (equivalent to 14.58 per cent fully diluted equity stake on conversion) by way of allotment,” Sun Pharmaceutical Industries said in a BSE filing.
It further said: “Consideration for Series B preferred stock acquired is USD 13 million.”
ScPharmaceuticals Inc is a United States-based pharmaceutical company developing a portfolio of transformative pharmaceutical products for subcutaneous delivery.
(PTI)

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