For $30 million, Sun Pharma will purchase 16.7% of Lyndra Therapeutics

19 Dec 2023 , 11:10 AM

Major Indian pharmaceutical company Sun Pharmaceuticals Ltd. announced that it has reached a deal to pay $30 million for approximately 16.7% of fully diluted shares in Lyndra Therapeutics Inc.

A Massachusetts-based company called Lyndra Theraputics is in the business of creating cutting-edge delivery systems for long-acting oral (LAO) medications.

According to Sun Pharma, the purpose of the strategic investment is to obtain access to the technology for certain compounds and territories while also fostering the development of novel pharmaceutical delivery systems.

In 2022, the US company’s revenue was $10.7 million. In 2015, Lyndra was established using technology developed at MIT’s Langer Lab. Developed, expanded, and subsequently commercialized, the company was created by Robert Langer, Sc.D., Giovanni Traverso, M.D., Ph.D., Andrew Bellinger, M.D., Ph.D., and Amy Schulman, J.D. to work on the technology that would later become the LYN drug delivery platform.

Jessica Ballinger, the company’s tenth COO, was promoted to Chief Executive Officer in July 2023.

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