Sun Pharma acquires minority stakes in two healthcare companies for Rs 180 crore
Sun Pharmaceutical Industries Ltd., one of India’s leading pharmaceutical companies, has announced the acquisition of a 26.09% stake in Agatsa Software Pvt. Ltd. and a 27.39% stake in Remidio Innovative Solutions Pvt. Ltd., both of which are digital health startups. The move is part of Sun Pharma’s strategy to expand its digital health capabilities and bring innovative solutions to the healthcare industry.
Agatsa Software is an early-stage digital diagnostic devices company that specializes in creating innovative medical devices and software solutions. Sun Pharma bought it for Rs 30 crore in two tranches. Tranche 1 of Rs 8 crore would be completed in February 2023 and Tranche 2 of up to Rs 22 crore is expected to be completed by August 2023.
Remidio Innovative Solutions, on the other hand, is a healthcare technology company that focuses on providing high-quality, affordable, and accessible eye care solutions. The company’s flagship product is a portable fundus camera, which can be used to detect and diagnose eye conditions such as diabetic retinopathy and glaucoma. The camera is designed to be easy to use, portable, and cost-effective, making it ideal for use in remote and rural areas. Sun Pharma bought the company for Rs 149.9 crore.
The acquisition of stakes in Agatsa Software and Remidio Innovative Solutions will allow Sun Pharma to expand its digital health capabilities and bring innovative solutions to the healthcare industry. The move is in line with the company’s overall strategy to invest in innovative technologies and solutions that can help improve patient outcomes and reduce healthcare costs.
Sun Pharma reported a consolidated net profit of Rs 2,166 crore for the Q3 of FY23. The revenue stood at Rs 11,241 crore for the period under review. The board of directors of the company have also declared an interim dividend of Rs 7.50 for the financial year ending on March 31 this year with the record date of February 8 for the dividend eligibility.