Sun Pharmaceutical’s subsidiary buys stake in US-based company

Drug maker Sun Pharmaceutical Industries has acquired, through its subsidiary, 15.9% stake in US-based Krystal Biotech Inc., a biopharmaceutical company. 
 
One of the wholly-owned subsidiaries of the company has agreed to make this acquisition by way of allotment to it 2,03,135 Series A Preferred Stock (equivalent to 15.91% fully diluted equity stake on conversion) of Krystal Biotech Inc., United States of America, said Sun Pharma in a BSE filing on Tuesday post market hours. Krystal Biotech Inc. develops advance gene therapy for treatment of patients suffering from rare debilitating disorders. 
 
Meanwhile, Sun Pharmaceutical Industries was trading at Rs 480, down by Rs 20.40 or 4.08% as at 0921 hours on Wednesday, on the BSE.