Sun Pharma To Acquire Minority Stakes In Two Companies
Sun Pharma will acquire 37.7% equity in Ezerx Health Tech for Rs 28.6 crore, and a 4.0% stake in Agatsa Software for Rs 4.5 crore.
Sun Pharmaceutical Industries Ltd. inked agreements to acquire minority stakes in Ezerx Health Tech Ltd. and Agatsa Software Ltd.
“The company entered into agreements to acquire minority stakes in the entities, which are non-material investments in allied areas,” it said in its exchange filing.
The pharma giant will acquire 37.76% equity in Ezerx Health Tech for Rs 28.69 crore and a 4.04% stake in Agatsa Software for Rs 4.5 crore.
Sun Pharma increased its investment in Agatsa Software by 4.04% from their previous agreement to acquire 26.09%. The drug maker will own 30.13% of the early-stage digital diagnostic devices company after this acquisition.
The acquisition of shares in Ezerx Health Tech and Agatsa Software is expected to be completed by October 2023 and December 2023, respectively.
Ezerx Health Tech engages in the production, marketing, and distribution of non-invasive diagnostic and ancillary medical devices, while Agatsa Software is an early-stage digital diagnostic device company.
The drugmaker earlier said that it aims to spend 7-8% of its sales in the current fiscal on research and development activities to further strengthen its product portfolio across therapeutic segments. It also expects high single-digit consolidated topline growth for FY24.
Shares of Sun Pharmaceutical closed 0.42% lower at Rs 1119.10, compared to a 0.56% rise in the benchmark NSE Nifty 50.