2 months ago
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Drugmaker Sun Pharmaceutical Industries has decided to acquire 16.33% stake for about $3.05 million in Surgimatix Inc., an Illinois-headquartered firm developing a proprietary soft tissue fixation device for laparoscopic hernia repair and other minimally invasive surgeries.
The stake acquisition is expected to be completed by this month, subject to fulfilment of certain conditions, Sun Pharma said on Tuesday, announcing the signing of an agreement with the U.S. firm. Incorporated in November 2007, Surgimatix is yet to commence commercial operations.
Additionally, Sun Pharma will get right to receive warrants equal to 20% of shares purchased exercisable at $4.867.
