Sun Pharma to acquire 38% stake in EzeRx Health Tech for Rs 29 crore

This investment aligns with Sun Pharma's commitment to diversifying and strengthening its product portfolio, particularly in the field of non-invasive medical technology.

EzeRx, established on July 3, 2018, is an early-stage medical technology company with a focus on innovative non-invasive screening solutions for early detection of primary health parameters.

In the fiscal year 2022-23, EzeRx reported revenue from operations amounting to Rs 6.15 crore. The acquisition of EzeRx shares is expected to be finalised by October 2023, contingent upon the satisfactory fulfilment of certain conditions.

Further, Sun Pharmaceutical announced the execution of an additional agreement to acquire a 4.04% equity stake in Agatsa Software Private Ltd.

This move follows Sun Pharma's previous agreement, made on February 18, 2023, to acquire a 26.09% stake in Agatsa. With this additional agreement, Sun Pharma's total proposed acquisition in Agatsa will rise to 30.13%.

Agatsa Software Private, a registered company under the Companies Act, 2013, is headquartered in Noida, Uttar Pradesh. Agatsa is dedicated to the research, development, and commercialization of non-invasive medical devices within the diagnostic health segment, leveraging its technological prowess and research and development capabilities.

For the fiscal year 2023, Agatsa reported revenue from operations amounting to Rs 1.10 crore, indicating its potential for growth and innovation in the non-invasive medical device market.

The purchase of the additional 4.04% stake from existing shareholders is expected to be completed by December 2023, subject to the satisfactory fulfilment of certain conditions.

Moreover, from the balance investment of Rs 22 crore, as mentioned in Sun Pharma's previous intimation dated February 18, 2023, an investment of Rs 12 crore is anticipated to be completed by November 2023. The remaining investment of Rs 10 crore is expected to follow subsequently, within 9-12 months, contingent on the fulfilment of specific conditions.