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India’s Sun Pharmaceuticals Ltd said on Monday that it has entered into agreement to acquire a 16.7 per cent stake in US company Lyndra Therapeutics Inc for $30 million.

Lyndra Theraputics, based in Massachusetts, is engaged in the business of developing novel delivery technology for long-acting oral (LAO) therapies.

Sun Pharma stated in a regulatory filing that it is making the strategic investment to support development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories.

The transaction is expected to be completed by the end of December 2023, subject to certain conditions, it added.

Lyndra was founded in 2015 with technology that emerged from the Langer Lab at MIT. The company clocked a turnover of $10.7 million in 2022.