Mumbai-headquartered Sun Pharmaceutical Industries Ltd has announced it would acquire up to 26.09 percent stake in Agatsa Software and up to 27.39 percent stake in Remidio Innovative Solutions to boost digital diagnostics. In a regulator filing, the company said it would acquire up to 26.09 percent in Agatsa Software for Rs 30 crore in two tranches, and it would acquire 27.39 percent in Remidio Innovative Solutions for Rs 149.9 crore.
Agatsa Software, a healthcare technology company provides innovative medical devices and software solutions for remote cardiac monitoring, while Remidio Innovative Solutions is a medical technology company that offers products and solutions for the early diagnosis of diabetic retinopathy, a leading cause of blindness.
As per the filing, the first tranche of stake buy for Rs 8 crore in Agatsa Software would be completed this month and the second tranche of Rs 22 crore is expected to be completed by August 2023, subject to certain conditions.
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Post the first deal, Sun Pharma's stake will be 8 percent in the company, which would go up to 26.09 percent after the closing of tranche two. Agatsa Software's revenue from operations for the year 2021-22 was Rs 44,05,485.
Sun Pharma said its stake purchase in Remidio would likely be done by the end of this month. After the purchase, Sun Pharma would hold 27.39 percent in Remidio, whose revenue from operations for the year 2021-22 on consolidated basis was Rs 26,60,70,077.
The acquisition of stakes in these companies by Sun Pharma may enable the pharmaceutical company to expand its presence in the healthcare technology sector and potentially offer more comprehensive solutions for patients.
As of Friday, 04:00 pm, the shares of Sun Pharmaceutical Industries Ltd were trading 1.26 low at Rs 983.55.
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