The pharma major announced that it has entered into agreements to acquire a minority stake of up to 26.09% in Agatsa Software and 27.39% in Remidio Innovative Solutions. Agatsa Software is an early-stage digital diagnostic devices company. It is engaged in the research, development, and commercialization of medical devices in the diagnostic health segment by leveraging technology and R&D capabilities. Its revenue from operations for the financial year 2021-2022 was Rs 44,05,485.

The acquisition will be completed in two tranches wherein tranche 1 company will pay Rs 8 crore, post closing of tranche 1 company will hold 8.60% shareholding, and said tranche would be completed in February 2023.

In tranche 2 company will pay up to Rs 22 crore, post closing of tranche 2 cumulative shareholding will be 26.09% and is expected to be completed by August 2023, subject to certain conditions.

Remidio Innovative Solutions provides innovative products enabling the early detection of eye diseases. Its consolidated revenue from operations for the financial year 2021-2022 was Rs 26,60,70,077.

Cash consideration for acquisition stood at Rs 149.9 crore. Post-acquisition, the company will hold 27.39% shareholding in the company and the acquisition will be completed by the end of February 2023.

Sun Pharmaceuticals Industries is engaged in the business of manufacturing, developing, and marketing a wide range of branded and generic formulations and Active Pharmaceutical Ingredients (APIs).

The company's consolidated net profit rose 5.2% to Rs 2,166.01 crore in Q3 FY23 on a 13.1% jump in net sales to Rs 11,100.14 crore in Q3 FY23 over Q3 FY22. The scrip rose 0.05% to Rs 984 on the BSE. Visit https://sanketlife.in/