Sun Pharmaceutical Industries announced an agreement to acquire a 60% stake in Vivaldis Health and Foods from its existing shareholders. The drugmaker stated in an exchange filing made after trading hours yesterday that it would acquire the remaining 40% shareholding in the future subject to certain terms and conditions. Vivaldis Health and Foods trades, distributes, manufactures, and markets drugs, food supplements, and over-the-counter products in the companion animal segment of the animal healthcare industry. For the fiscal year 2021-22, revenue was Rs 29.92 crore. Vivaldis Health’s revenues increased at a CAGR of 47% from FY 19-20 to FY 21-22.
The acquisition is being made for Rs 143.30 crore in cash, subject to customary closing adjustments for a 60% (sixty percent) shareholding. The acquisition is expected to be completed by the end of May 2023.Sun Pharmaceutical Industries is India’s largest pharmaceutical company and the world’s fourth largest specialty generic pharmaceutical company. In Q3 FY23, the company reported a 5.2% increase in consolidated net profit to Rs 2,166 crore, compared to the same quarter last fiscal. Total sales increased by 13% in the third quarter to Rs 11,100.14 crore from Rs 9,814.17 crore the previous year.