Sun Pharmaceutical Industries on Monday said it has entered into a share purchase agreement with Japan’s Daiichi Sankyo Company to acquire the latter’s 11.28% stake in Zenotech Laboratories. Sun Pharma said it will pay ₹5.32 crore for the stake.
The primary objective of the transaction from the acquirer’s perspective is to consolidate its holding in the target company, the Mumbai-based drug firm said in a regulatory filing.
After the acquisition, Sun Pharma’s stake in Zenotech will increase from 57.56% to 68.84%, it added.
The acquisition is expected to complete in 30 days.
Source: Economic Times