Sun Pharmaceutical Industries has agreed to acquire 16.33 per cent in Surgimatix Inc, for $3.05 million (₹25 crore).

The Illinois-headquartered company is engaged in developing a proprietary soft tissue fixation device for laparoscopic hernia repair and other minimally invasive surgeries, Sun said. Surgimatix Inc is yet to commence its commercial operations, it added.

Sun expects to complete the transaction by February 2024, subject to fulfilment of certain conditions, it said. Additionally, Sun said, it has the right to receive warrants equal to 20 per cent shares purchased, exercisable at $ 4.867. The company was incorporated on November 19, 2007.