Sun Pharma is planning to buy minority stakes in two businesses

6 Oct 2023 , 01:34 PM

Agreements have been signed by Sun Pharmaceutical Industries Ltd. to purchase minority holdings in Ezerx Health Tech Ltd. and Agatsa Software Ltd. 

According to its exchange statement, ‘the company entered into agreements to acquire minority stakes in entities, which are non-material investments in related areas.’

The pharmaceutical behemoth will pay Rs 28.69 crore for a 37.76% equity investment in Ezerx Health Tech and Rs 4.5 crore for a 4.04% stake in Agatsa Software. 

From their prior agreement to acquire 26.09% of Agatsa Software, Sun Pharma boosted its shareholding by 4.04%. Following this transaction, the pharmaceutical corporation will hold 30.13% of the startup manufacturer of digital diagnostic gadgets.

By October 2023 and December 2023, respectively, the acquisition of shares in Ezerx Health Tech and Agatsa Software is anticipated to be finished.

While Agatsa Software is an early-stage digital diagnostic device startup, Ezerx Health Tech engages in the production, marketing, and distribution of non-invasive diagnostic and auxiliary medical equipment. 

The pharmaceutical company has stated that it wants to devote 7-8% of its sales in the current fiscal to R&D efforts to further expand its product portfolio across therapeutic categories. For FY24, it anticipates consolidated topline growth in the upper single digits. 

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