Merger & Acquisition

Sun Pharma Arm Acquires Remaining 3.04% Stake in PJSC Biosintez, Russia

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Sun Pharma
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Drug major Sun Pharmaceutical Industries on Monday said its Netherlands-based arm has fully acquired PJSC Biosintez, Russia by purchasing 3.04 per cent stake in the company under the mandatory tender offer.

The company’s subsidiary — Sun Pharma (Netherlands) BV — already had 96.96 per cent stake in pharma firm PJSC Biosintez prior to the purchase of these shares, Sun Pharma said in a filing to the BSE.

Post the purchase, Sun Pharma (Netherlands) BV’s shareholding in the target entity has increased from 96.96 per cent to 100 per cent, it added.

Cash consideration of Rubles 54,194,628.60 equivalent to USD 815,201.99 (about Rs 6 crore) was paid to shareholders who tendered their respective shares in the mandatory tender offer, Sun Pharma said.

Shares of Sun Pharmaceutical Industries on Monday closed at Rs 428.80 per scrip on the BSE, up 0.92 per cent from its previous close.

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