Sun Pharma hits 52-week high on acquiring Israeli company

Shares of Sun Pharmaceutical Industries Limited gained almost a percent to hit a new 52-week high of Rs 1,304 in the early trade on January 3 after the company announced the acquisition of an Israel-based firm.

Libra Merger Ltd is Sun’s second buy in Israel after Taro Pharma, which was a high-profile acquisition for the Indian drug maker. Sun said the Libra acquisition would facilitate the consolidation of business in Israel.

Follow our market blog for all the live action

Libra Merger was incorporated on July 18, 2023 in Israel. Given the recent incorporation, other financial details were not applicable, the company said in an exchange filing on January 2.

The acquisition of the 100 stake in red a 100 percent stake in Libra Merger Ltd comes days after the acquired a stake in an American firm.

On December 19, the company announced it agreed to acquire about 16.7 percent shares on a fully diluted basis in Lyndra Therapeutics Inc for $30 million. Based in Massachusetts, Lyndra Therapeutics develops novel delivery technology for long-acting oral (LAO) therapies.

Sun Pharma said the strategic investment would support the development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.