Sun Pharmaceutical Industries’ one of the wholly owned subsidiaries (collectively Sun Pharma) has agreed to acquire by way of allotment to it, 203,135 Series A Preferred Stock (equivalent to 15.91% fully diluted equity stake on conversion) of Krystal Biotech Inc., United States of America, a biopharmaceutical company using gene therapy to develop treatments for patients suffering from rare debilitating disorders. The cash consideration amounting to $7 million would be paid for acquisition of shares.
Sun Pharmaceutical Industries is the world’s fourth largest specialty generic pharmaceutical company and India’s top pharmaceutical company.
