Sun Pharma subsidiary invests 14.6% stake in US company for $13 million

New Delhi: Pharamceutical major Sun Pharma's subsidiary has invested USD 13 million (about Rs 88 crore) in the US-based scPharmaceuticals Inc, announced the company on Friday.

"...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.

With PTI Inputs