Shares of Sun Pharmaceutical Industries Ltd hit a 52-week high of Rs 1,304.65 on 3 January after the company announced acquiring an Israel-based firm.

The Indian pharma major, in its regulatory filing, said that it had acquired a 100% stake in Libra Merger Ltd, which is a company incorporated in Israel on 18 July 2023 and has a registered office in Tel Aviv.

The company said that Libra Merger Ltd would facilitate the consolidation of the company’s business in Israel.

This is the company’s second such buy in Israel after acquiring Taro Pharma.

On 19 December, the company announced it has agreed to acquire a 16.7% stake on a fully diluted basis of Lyndra Therapeutics Inc, which is based in Massachusetts, for a total consideration of $30 million. Lyndra is in the business of developing novel delivery technology for long-acting oral therapies.

The Lyndra acquisition will support the company in developing innovative pharmaceutical delivery technologies and getting access to the technologies for certain molecules and territories.

At 11:15 am, the shares of Sun Pharmaceutical had shed all their early gains and were trading 0.0019% lower at Rs 1,295.75 on NSE.