Sun Pharma Increases Stake in Pharmazz with $25 Million Investment
Sun Pharmaceutical Industries Ltd has agreed to a $25 million investment in US-based Pharmazz Inc. The move will raise Sun Pharma's stake in Pharmazz to 22.7%. Pharmazz is advancing two key drug candidates, Sovateltide and Centhaquine, already approved in India and in development for more markets.
- Country:
- India
In a strategic move, Sun Pharmaceutical Industries Ltd announced an investment of $25 million into US-based Pharmazz Inc, enhancing its ownership stake to 22.7% in the biopharmaceutical company.
According to a regulatory filing, Sun Pharma's investment will be completed in multiple stages. The initial tranche of $10 million, along with $7.5 million from a previous SAFE agreement, will be finalized by May 2025. An additional $15 million is expected by November 2025, subject to mutual agreement.
Pharmazz is known for developing promising drug candidates Sovateltide and Centhaquine, which target acute cerebral ischemic stroke and hypovolemic shock, respectively. Following this investment, Sun Pharma holds exclusive rights to market Sovateltide in some emerging markets and has a potential option for developed market distribution.
(With inputs from agencies.)
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