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Sun Pharma subsidiary to acquire 12.5 per cent stake in Australia-based WRS Bioproducts

Published: Mar 06, 2021

By TIOLCORPLAWS News Service

MUMBAI, MAR 06, 2021: DRUG major Sun Pharmaceuticals said on Friday that its wholly-owned subsidiary will acquire 428,571 ordinary shares, equivalent to 12.5 per cent stake, in Australia-based nutraceutical and food supplements company, WRS Bioproducts.

WRS Bioproducts is an early-stage company that grows diverse algae, harvest, extract and purify high-value ingredients for sale to dietary supplements, food, cosmetic and animal nutrition markets using their own novel technologies.

Sun Pharma will pay AUD 2 million Australian dollars for the 12.5 per cent stake, on a fully diluted basis, and expects to complete the acquisition by March 15.

Sun Pharma is an Indian multinational pharmaceutical company which is the world's fourth largest specialty generic drug manufacturer.

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