Sun Pharma to Invest $25 Mn in US-based Pharmazz Inc., Acquiring up to ~22.7% Stake

Sun Pharmaceutical Industries Limited (Sun Pharma) has entered into an agreement with US-based Pharmazz Inc., agreeing to invest up to $25 Mn. This investment will result in an aggregate stake of up to ~22.7% in Pharmazz on a fully diluted basis, following the conversion of an earlier investment through SAFE. Pharmazz is a biopharmaceutical company developing two leading drug candidates, Sovateltide for treatment of acute cerebral ischemic stroke and Centhaquine for treatment of hypovolemic shock. Both products are approved in India and marketed through partners under brands Tyvalzi and Lyfaquin, respectively. Pharmazz plans to initiate global Phase-3 trials soon for Sovateltide, to support potential approval in US and ex-US markets.