Sun Pharma subsidiary invests $13 million in US company

Sun Pharma on Friday said its subsidiary has invested $13 million (about Rs 88 crore) in the US-based scPharmaceuticals Inc.

"...One of the wholly-owned subsidiaries of the company has acquired 13,000,000 Series B preferred stock of sc Pharmaceuticals Inc (equivalent to 14.58% fully diluted equity stake on conversion) by way of allotment," Sun Pharmaceutical Industries said in a BSE filing. It further said: "Consideration for Series B preferred stock acquired is $13 million." scPharmaceuticals Inc is a United States-based pharmaceutical company developing a portfolio of transformative pharmaceutical products for subcutaneous delivery.

The stock of Sun Pharma was trading 2.59% higher at Rs 625 on BSE.