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Sun Pharma In The News

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Sun Pharma chief to invest in Israeli firm

SUN Pharma chairman Dilip Shanghvi will pick up an 11 per cent stake in an Israeli in'vestment company that spe'cialises in the life sciences sector. The investment, to be carried out in his personal ca-pacity, comes close on the heels of Sun's takeover of Taro Pharmaceuticals in that country.

Shanghvi's investment of NIS 10.5 million (about Rs13.6 crore) will be through his private company, M J Phar'maceuticals Ltd. While Shanghvi was not willing to comment, sources close to him confirmed it.
 
The stake in Tel Aviv Stock Exchange (TASE)-listed Bio-Light Life Sciences Invest'ments Ltd, which announced its decision to allot 30 million shares to Shanghvi's compa'ny, is with a group of investors led by Israel Makov, former chief executive officer of the world's largest (and Israel-based) generics drug compa'ny, Teva Pharmaceuticals.
 
Bio-Light focuses on in'vestments in small, research-oriented biotech companies. It has already taken over Micromedic Technologies that has developed a range of can'cer diagnostic tools. The oth'er portfolio company is IOp-tima Ltd, an ophthalmology specialty company.
 
TASE data indicates Makov, with a 14.53 per cent stake, is the single biggest in'vestor in Bio-Light. After his investment, Shanghvi would be the second largest individ'ual shareholder.
 
Sun Pharma, India's most valued drug company in terms of market capitalisation, is al so strong in the oncology seg'ment. Shanghvi, however, is not expected to play an active role in Bio-Light and may re'main a strategic investor. Sun Pharma took a controlling stake in Taro after a three-year legal battle in Israel.