Sun Pharma to acquire 11.28 per cent stake in Zenotech from Daiichi Sankyo

Sun Pharma yesterday said it has entered into a share purchase agreement with Japan’s Daiichi Sankyo Company to acquire the latter’s 11.28 per cent stake in Zenotech Laboratories.

Sun Pharma said it will pay Rs 5.32 crores for the stake.

The primary objective of the transaction from acquirer’s perspective is to consolidate its holding in the target company, the Mumbai-based drug firm said in a regulatory filing.

After the acquisition, Sun Pharma’s stake in Zenotech will increase from 57.56 per cent to 68.84 per cent, it added.