Sun Pharma climbs to new 52-week high following acquisition of Israeli company

3 Jan 2024 , 02:07 AM

Sun Pharmaceutical Industries Limited shares rose about 1% in early trade on January 3 to a new 52-week high of Rs 1,304 after the company announced the purchase of an Israeli startup.

Sun’s second purchase in Israel comes after Taro Pharma, a high-profile acquisition for the Indian pharmaceutical company. Sun Pharma stated that the Libra purchase will help with corporate consolidation in Israel.

Libra Merger was established in Israel on July 18, 2023. Other financial figures were not applicable due to the business’s recent registration, the company stated in an exchange filing on January 2.

The acquisition of a 100% share in Libra Merger Ltd comes only days after the acquisition of a stake in an American corporation.

On December 19, the business announced a $30 million agreement to buy approximately 16.70% of the fully diluted shares of Lyndra Therapeutics Inc. Lyndra Therapeutics, based in Massachusetts, creates new delivery technologies for long-acting oral (LAO) treatments.

Sun Pharma stated that the strategic investment will help to create breakthrough pharmaceutical delivery systems as well as get access to the technology for specific compounds and regions.

At around 2.06 PM, Sun Pharma was trading 0.41% higher at Rs 1,301.45 per piece, against the previous close of Rs 1,296.20 on NSE.

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