Pharmaceutical major Sun Pharmaceutical Industries Ltd, on 20 February, announced its plans to acquire a 16.33% stake in Surgimatix Inc.

In its regulatory filing, the company said that it had announced its plans to acquire a 16.33% stake in Michigan-based Surgimatix Inc. for a total consideration of $3.05 million, which will be finalised by the end of February pending the fulfilment of some conditions.

Surgimatix Inc. is a Michigan-based company with its headquarters located in Illinois, and it specialises in developing properital soft tissue fixation devices for laparoscopic hernia repair and other minimally invasive surgeries.

However, Surgimatix Inc. has yet to commence commercial operations and is focused on advancing innovative solutions for surgical procedures.

On 13 December 2023, the company’s speciality product ‘Lumetri’ was included in category B of China’s national reimbursement drug list.

The company has also entered into a definitive merger agreement with Taro Pharma to acquire the remaining stake that they don’t currently hold and have agreed to a price of $43 per share.