Sun Pharmaceutical Industries has agreed to acquire about 16.7 percent in Massachusetts-based Lyndra Therapeutics Inc, engaged in developing novel delivery technology for long-acting oral (LAO) therapies, for $30 million (₹249 crore).
The acquisition is a strategic investment to support the development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories, Sun explained in a statement to the BSE, Monday. Sun expects the transaction to be completed by end-December 2023, subject to certain conditions.
Lyndra was incorporated on January 14, 2015 and its revenues over the last three years, (January-December), have been reducing from $ 25.6 million (2020) to $ 13.1 million (2021) to $ 10.7 million (2022).
Rapid progress
In July, Lyndra had announced certain management changes, including elevating long-time executive President and Chief Operations Officer Jessica Ballinger as its President and Chief Executive Officer. Explaining its trademarked Lyndra’s LYNX drug delivery platform, the company had then said, it was a significant advance in oral drug delivery in decades, creating medicines that last for a week or longer in an oral dosage form.
“A key aspect of the platform is its ability to deliver the drug consistently, minimising peaks and troughs of drug levels compared to daily medicine,” Lyndra said. Based on technology invented in the Langer Lab at MIT, the LYNX platform has progressed rapidly since 2015 through preclinical and early human studies and achieved proof of concept of the platform and lead asset in a Phase 2 study, it added.
“The LYNX drug delivery platform has the potential for broad applicability across multiple therapeutic areas – including approved drugs and those currently in development,” it said, adding that it facilitated increased adherence and improved health outcomes, while freeing people from the burden of daily pills and simplifying their lives, it said.