Shares of Sun Pharmaceutical Industries hit a 52-week high of Rs 1,267.95 on 19 December after the company announced its plans to acquire a 16.7% stake in Lyndra Therapeutics for $30 million.

In its regulatory filing, the company said, “This is a strategic investment to support the development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories.”

The acquisition is set to be completed by the end of December 2023.

Lyndra Therapeutics Inc. is a company based in Massachusetts and has its registered office in Watertown, MA. The company is involved in the business of developing novel delivery technology for long-acting oral therapies.

Lyndra Therapeutics has raised around $260 million to date through investors and partners; this includes $100 million in non-dilutive grants. They have also achieved rapid progress in a short span of time, formulating 19 therapies in the lab and four therapeutic products for the clinic, which validates the feasibility of its platform with multiple APIs.

At 11:06 am, the shares of Sun Pharmaceutical had shed all their early gains and were trading 0.68% lower at Rs 1,244.20 on NSE.