Sun Pharma to buy stake in two companies for ₹1.8 bln

Sun Pharmaceutical Industries Ltd will acquire 27.4% stake in Remidio Innovative Solutions Pvt Ltd for ₹1.5 bln by the end of February, the company said via an exchange filing.

It will also acquire 26.1% stake in Agatsa Software Pvt Ltd in two tranches for a total of ₹300 mln.

Remidio Innovative is a Bengaluru-based company that provides innovative products to enable the early detection of eye diseases.

The company was incorporated on Nov 19, 2009 and it has seen a consistent rise in its revenue for the past three financial years.

In 2021-22 (Apr-Mar), the company generated a revenue of ₹266.1 mln. It also has a subsidiary Remidio Innovation Solutions Inc in the US and Medios Technologies Pte Ltd in Singapore.

To acquire Agatsa Software, Sun Pharmaceutical will invest ₹80 mln in the first tranche, which is to be completed in February. The second tranche of ₹220 mln is expected to be completed by August.

Agatsa Software is engaged in research, development, and commercialisation of medical devices in the diagnostic health segment.

The Noida-based company was incorporated on Mar 16, 2010 and recorded a revenue of ₹4.4 mln during 2021-22.

The shares of Sun Pharmaceutical were 0.2% higher at ₹986.00 on NSE, at 11:40 IST.