Sun Pharma Achieves 52-Week High After Israeli Acquisition
Image Source: NDTV
In the early trade on January 03, Sun Pharmaceutical Industries Limited experienced a notable gain of almost one percent, soaring to a fresh 52-week pinnacle at Rs. 1,304. This surge came on the heels of the company’s announcement regarding the acquisition of an Israeli firm.
The latest addition to Sun’s portfolio, Libra Merger Ltd, represents the pharmaceutical giant’s second foray into Israel, building on the significant acquisition of Taro Pharma. Sun Pharma clarified that the acquisition of Libra is strategically aimed at streamlining its operations within the Israeli market.
Having been incorporated on July 18, 2023, in Israel, Libra Merger disclosed limited financial details in its recent exchange filing on January 2, attributing this to its recent establishment.
Notably, Sun Pharma’s complete procurement of Libra Merger Ltd, securing a 100 percent ownership stake, closely follows its recent investment in an American company. On December 19, the company announced a strategic agreement to acquire approximately 16.7 percent of shares, on a fully diluted basis, in Lyndra Therapeutics Inc. for $30 million. Lyndra Therapeutics, headquartered in Massachusetts, specializes in pioneering delivery technology for long-acting oral therapies.
Emphasizing the strategic nature of this investment, Sun Pharma stated that it aims to propel advancements in innovative pharmaceutical delivery technologies and secure access to technology crucial for specific molecules and territories. This move aligns with Sun Pharma’s broader strategic vision for growth and innovation in the pharmaceutical sector.
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