Sun Pharma arm to acquire shares of Israeli firm Tarsius Pharma for $3 million

New Delhi: Drug major Sun Pharmaceutical Industries Monday said it has agreed to acquire 18.75 percent shares of Israel-based Tarsius Pharma for a cash consideration of USD 3 million (over Rs 21 crore).

One of the company's wholly-owned subsidiaries has agreed to acquire 3,45,622 ordinary shares of Tarsius Pharma, of nominal value of NIS 0.01 each by way of subscription, representing 18.75 percent of shares of Tarsius on a fully diluted basis, Sun Pharma said in a filing to BSE.

"Cost of acquisition is USD 3 million," it added.

Indicative time period for completion of the acquisition is before September 15, 2018, Sun Pharma said.

Tarsius is an early stage research and development company focusing on development of drug candidates in the field of ophthalmology, it added.

Shares of Sun Pharmaceutical Industries closed at Rs 639.50 per scrip on BSE, down 3.72 percent from its previous close.