Drug major Sun Pharma has said it will buy up to 26.09 percent stake in Agatsa Software and up to 27.39 percent stake in Remidio Innovative Solutions, as part of efforts to boost its digital diagnostics presence.
In an exchange filing, the company announced that it will acquire up to 26.09 percent in Agatsa Software for Rs 30 crore in two tranches, 27.39 percent in Remidio Innovative Solutions for Rs 150 crore.
The first tranche of stake purchase for Rs 8 crore in Agatsa Software will be completed this month and the second tranche of Rs 22 crore is likely to be completed by August 2023, subject to certain conditions, the drug major said.
Post Closing of Tranche 1, Sun Pharma’s stake would be 8.60 percent in Agatsa Software and after Tranche 2, cumulative shareholding will be 26.09 percent, subject to certain conditions, the filing said.
Agatsa Software is engaged in research, development and commercialization of medical devices in the diagnostic health segment by leveraging technology and R&D capabilities. Its revenue from operations for the year 2021-22 was Rs 44,05,485.
Remidio Innovative Solutions provides innovative products enabling early detection of eye diseases. The revenue from operations for the year 2021-22 on consolidated basis was Rs 26,60,70,077. The Company has a subsidiary ‘Remidio Innovation Solutions Inc’ in USA and ‘Medios Technologies Pte. Ltd in Singapore.
