Sun Pharma to Acquire 22.7% Stake in U.S.-Based Pharmazz Worth $25 Million
The investment includes a mix of fresh equity and the conversion of a prior investment made through a Simple Agreement for Future Equity (SAFE). The new capital will be deployed in two tranches—$10 million by May, 2025, and $15 million by November, 2025, or on another mutually agreed date
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Sun Pharmaceutical Industries has signed a definitive agreement to invest up to $25 million in U.S.-based biopharmaceutical company Pharmazz Inc., according to a regulatory filing by the company. The transaction will result in Sun Pharma acquiring approximately 22.7 per cent equity in Pharmazz on a fully diluted basis.
The investment includes a mix of fresh equity and the conversion of a prior investment made through a Simple Agreement for Future Equity (SAFE). The new capital will be deployed in two tranches—$10 million by May, 2025, and $15 million by November, 2025, or on another mutually agreed date. The deal values Pharmazz at $5.88925 per share, while the SAFE conversion is priced at a 20 per cent discount, at $4.7114 per share.
This investment provides Sun Pharma with not only an equity stake but also a strategic position in Pharmazz's global commercialization plans. Sun has already secured exclusive rights to license and distribute Sovateltide in select emerging markets. Under the terms of the new agreement, Sun Pharma will also receive an option to negotiate licensing rights for Sovateltide in developed markets.
Pharmazz is developing two key drug candidates—Sovateltide for acute cerebral ischemic stroke and Centhaquine for hypovolemic shock. Both therapies are already approved in India and are marketed through partners under the brand names Tyvalzi and Lyfaquin, respectively. The company recorded a consolidated turnover of $3 million in FY 2023-24.
The U.S. Food and Drug Administration (FDA) has granted both of Pharmazz's lead candidates approval for Phase-3 Investigational New Drug (IND) trials. In a significant regulatory milestone, Sovateltide has also received a Special Protocol Assessment (SPA) from the FDA, which outlines a clear and mutually agreed pathway for clinical development and regulatory review in the U.S. Pharmazz plans to initiate global Phase-3 trials shortly, targeting potential approvals in the U.S. and other international markets.
Sun Pharma clarified that the deal is not a related-party transaction and that neither its promoters nor the promoter group hold any interest in Pharmazz.
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