Sun Pharmaceutical Industries Ltd on Tuesday said it will acquire a 16.33 per cent stake in Surgimatix, Inc, a US-based firm for USD 3.05 million (over Rs 25 crore). Surgimatix is engaged in the business of developing a proprietary soft tissue fixation device for laparoscopic hernia repair and other minimally invasive surgeries. It is yet to commence its commercial operations, Sun Pharmaceutical Industries said in a regulatory filing.
The company has entered into an agreement with Surgimatix, Inc under which it has agreed to acquire 16.33 per cent shares of the latter, additionally, with the right to receive warrants equal to 20 per cent of shares purchased, it added.
The cost of acquisition is USD 3.05 million, the filing said, adding that the acquisition is expected to be completed by February 2024, subject to fulfilment of certain conditions.
Surgimatix was incorporated on November 19, 2007.
(You can now subscribe to our Economic Times WhatsApp channel)
