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Sun Pharma to acquire stakes in Agatsa Software, Remidio Innovative Solutions
IMT News Desk
Sun Pharma to acquire stakes in Agatsa Software, Remidio Innovative Solutions
IMT News Desk
Agatsa Software is an early-stage digital diagnostic devices company and Remidio Innovative Solutions provides products enabling the early detection of eye diseases
Sun Pharmaceutical Industries has entered into agreements to acquire a minority stake in the following entities which are non-material investments by the company in the allied areas.
The first agreement is to acquire equity shares (up to 26.09 per cent) of Agatsa Software, which is an early-stage digital diagnostic devices company.
Agatsa Software is engaged in the research, development and commercialization of medical devices in the diagnostic health segment by leveraging technology and R&D capabilities. The acquisition will be in two tranches wherein Tranche 1 (Rs 8 crore) would be completed in February 2023 and Tranche 2 (Rs 22 crore, subject to certain conditions) is expected to be completed by August 2023, subject to certain conditions.
The second agreement is to acquire equity shares (27.39per cent) of Remidio Innovative Solutions, which provides innovative products enabling early detection of eye diseases.
Remidio Innovative Solutions provides innovative products enabling the early detection of eye diseases. The revenue from operations for the year 2021-22 on a consolidated basis was Rs 26,60,70,077.
The acquisition will be completed by the end of February 2023 for cash consideration of ~Rs 149.9 crore.