Sun Pharma arm acquires Israeli pharma start-up

The company's arm has acquired a Israel-based early stage research company focusing on development of drug candidates for Ophthalmology segment.

Sun Pharmaceutical Industries informed the bourses that its wholly-owned subsidiary has agreed to acquire shares of Tarsius Pharma Limited, by way of subscription of 3,45,622 ordinary shares of nominal value of 0.01 Israeli Sheqel (NIS), representing 18.75 per cent of shares of the company, on a fully diluted basis. The cost of acquisition for Sun Pharma is US$ 3 million.

Tarsius is an early stage R&D company developing drug candidates in the field of Ophthalmology.

On Monday, the stock of Sun Pharma hit a intraday high of Rs. 666.50 per share and a intraday low or Rs. 636.00 per share. The stock closed at Rs. 639.50 per share, down by 3.72 per cent, while the benchmark BSE Sensex was at 37,922.17, down by 467.65 point or 1.22 per cent.