Sun Pharma shares rise a percent to hit 52 week high, here’s why

Sun Pharmaceutical Industries Limited witnessed a nearly 1% increase in its shares, reaching a fresh 52 week high of 1,304 in the initial trading hours on January 3. This surge followed the company's announcement of acquiring an Israel based firm. The acquisition of Libra Merger Ltd marks Sun Pharma's second venture in Israel, following the notable acquisition of Taro Pharma.

Sun Pharmaceutical Industries stated that the acquisition of Libra would contribute to the streamlining and strengthening of its business operations in Israel. Also read: Libra Merger, established in Israel on July 18, 2023, clarified in a filing to the exchange on January 2 that, due to its recent inception, additional financial details were not applicable.

The acquisition of a 100% stake in Libra Merger Ltd swiftly followed the company's recent investment in an American firm. Specifically, on December 19, the company disclosed its agreement to acquire approximately 16.7 percent of fully diluted shares in Lyndra Therapeutics Inc for $30 million. Headquartered in Massachusetts, Lyndra Therapeutics specializes in pioneering delivery technology for long acting oral (LAO) therapies.

Also read: Sun Pharma emphasized that this strategic investment aims to bolster the advancement of innovative pharmaceutical delivery technologies and secure access to the technology for specified molecules and territories. Sun Pharma stock has gained nearly 23.78% in the last six months and 29.28% in the last one year.

The pharma major posted a 5% year on year (YoY) rise in net profit at 2,375.5 crore in the July to September quarter, compared with 2,262 crore in the same quarter last year. Also read: The drug maker's rose 11% YoY to 12,192 crore as against 10,952 crore in the corresponding period of last fiscal.

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