Sun Pharmaceutical Industries Ltd will acquire Mumbai-based Innovcare Lifesciences Private Ltd for about $28.7 million (around Rs 271.2 crore) in an all-cash deal, as India's largest drugmaker looks to strengthen its product portfolio.
In an exchange filing on Saturday, Sun Pharma said it has signed an agreement to acquire 100 per cent of the outstanding shares of Innovcare Lifesciences. The transaction is expected to be completed on or before July 31, 2026.
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Sun Pharma described the acquisition as a "strategic investment to strengthen product portfolio of the Company".
Founded on July 21, 2014, Innovcare Lifesciences is engaged in the marketing, distribution and sale of pharmaceutical drugs, nutraceuticals and cosmeceutical products. The company operates solely in India.
Innovcare reported revenue from operations of Rs 94.06 crore in FY26, up from Rs 86.09 crore in FY25 and Rs 80.93 crore in FY24.
The acquisition does not constitute a related-party transaction, Sun Pharma said, adding that neither its promoters nor promoter group companies have any interest in Innovcare.
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The drugmaker also said no governmental or regulatory approvals are required for the transaction.
The deal will be executed entirely through cash consideration aggregating approximately Rs 271.2 crore and will give Sun Pharma full ownership and control of Innovcare.
