Sun Pharma To Foray Into Animal Healthcare With Rs 143-Crore Acquisition
Vivaldis manufactures and markets drugs, food supplements and over-the-counter products in the companion animal segment.
Sun Pharmaceutical Industries Ltd. has entered into an agreement to acquire a 60% stake in Vivaldis Health and Foods Pvt., a company in the animal healthcare space.
Sun Pharma is acquiring the stake for a cash consideration of Rs 143.3 crore from existing shareholders, with the remaining 40% to be acquired in the future on the basis of certain terms and conditions, according to an exchange filing on Friday.
The acquisition is expected to be completed by the end of May.
(Photo source: Vivaldis website)
Established in 2014, Vivaldis Health And Foods is engaged in the business of manufacturing and marketing of drugs, food supplements and over-the-counter products in the companion animal segment of the animal healthcare industry.
In fiscal 2022, the Pune-based firm earned a revenue of Rs 29.9 crore. It had posted revenue of Rs 20.5 crore and Rs 13.8 crore in the previous two fiscals. The revenues have grown at a compound annual growth rate of 47% during the last three years.
Recently, Sun Pharma also completed the acquisition of Concert Pharmaceuticals in cash for $576 million, targeting the treatment of alopecia areata—an autoimmune hair loss disease.
Sun Pharma had net cash of $1.6 billion as on Sept. 30, 2022, according to disclosures.