Sun Pharmaceutical Industries Limited, along with its subsidiaries and affiliates, has entered into an agreement with HaystackAnalytics Private Limited (“Haystack”). Under this agreement, Sun Pharma will acquire a 9.6% stake in Haystack’s total outstanding securities.
HaystackAnalytics Private Limited (Haystack) is registered under the Companies Act 2013. Its registered office is in Mumbai. Haystack develops genomic analysis software that facilitates clinical decision-making by providing culture-free, comprehensive, and rapid clinical genomics. It automates bioinformatic analysis to generate clear, clinically relevant reports and uses genomic data analysis to create new healthcare products.
HaystackAnalytics Private Limited operates in the healthcare industry. The acquisition is a non-material investment aimed at expanding into allied areas.
The acquisition is not considered a related party transaction, and neither the promoter nor the promoter group has any interest in the entity whose securities are being acquired.
The acquisition is expected to be completed by July 2024, subject to the satisfactory completion of certain conditions. The consideration for the acquisition is ₹33.00 crore in cash. Sun Pharma will acquire 9.61% of Haystack’s total outstanding securities.
Recently, Sun Pharma inaugurated a new plant in Bangladesh. The new facility is at the Meghna Industrial Economic Zone in the Sonargaon upazila of Narayanganj district. This marks the company’s second investment in Bangladesh, and its production capacity exceeds 1 billion tablets and capsules annually.
Sun Pharmaceutical Industries Ltd. manufactures, develops, and markets a diverse range of branded and generic formulations and Active Pharmaceutical Ingredients (APIs). The company and its subsidiaries operate numerous manufacturing facilities worldwide, catering to global markets through trading and related activities. It is the largest pharmaceutical company in India.
Sun Pharmaceutical Industries Ltd’s branded formulations encompass products addressing various medical needs such as cardiovascular, central nervous system, gastroenterology, ophthalmology, and dermatology. Additionally, the company specialises in generics, including injectables, inhalants, and complex products.
On June 7, 2024, the share price of Sun Pharmaceutical Industries Ltd. opened at ₹1,479.90, touching the day’s high of ₹ 1,482.95 as of 09:52 AM on the NSE.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Jun 7, 2024, 1:40 PM IST
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