Sun Pharma to acquire 16.33 pc stake in US-based Surgimatix for US$ 3.05 million

Sun Pharma. Photo Courtesy: UNI

#SunPharma, #Surgimatix

IBNS-CMEDIA: Sun Pharma on Tuesday said that it has decided to acquire a 16.33% stake in the US-based Surgimatix for US$ 3.05 million.

Subject to fulfilment of certain conditions the acquisition is expected to complete by the end of this month.

“This is to inform that Sun Pharmaceutical Industries Limited (together with its subsidiaries and/or affiliates referred to as “Sun Pharma”), has entered into an agreement with Surgimatix, Inc., pursuant to which Sun Pharma has agreed to acquire 16.33 % shares of Surgimatix, Inc,” the pharma company said in a regulatory filing.

Surgimatix is incorporated in the State of Michigan, having its headquarters and registered office at Illinois, US.

The company is engaged in the business of developing a proprietary soft tissue fixation device for laparoscopic hernia repair and other minimally invasive surgeries.

“Surgimatix, Inc is yet to commence its commercial operations,” Sun Pharma said in the filing.