Sun Pharma to acquire 16.7% stake in Lyndra Therapeutics for $30 million

Pharma major Sun Pharmaceutical informed that it has entered into an agreement to acquire 16.7 per cent stake in the US-based Lyndra Therapeutics for $30 million. Lyndra Therapeutics Inc. is in the business of developing novel delivery technology for long-acting oral (LAO) therapies.
“This is to inform you that Sun Pharmaceutical Industries Limited (which includes its subsidiaries and/or associate companies), has entered into agreement to acquire stake ~16.7% shares on a fully diluted basis, in Lyndra Therapeutics,” the company said in an exchange filing.
The stake acquisition is expected to be completed by the end of December 2023. Incorporated in January 2015, Lyndra Therapeutics reported $25.6 million in revenue in 2020, $13.1 million in 2021, and $10.7 million in 2022.
Source: Businesstoday