Pharmaceutical company Sun Pharmaceutical Industries has paid $13m for a 14.6% stake in US-based subcutaneous drug developer SCPharmaceuticals, according to a stock exchange filing.
Founded in 2014, SCPharmaceuticals is working on treatments for conditions such as heart failure that will be administered subcutaneously – under the skin. India-based Sun made the investment through a subsidiary.
SCPharmaceuticals signed a commercial manufacturing agreement with pharmaceutical components producer Raumedic for its drug delivery device, the SC2Wear Infusor, last month.
The company had previously closed a $16m series A round in 2014 co-led by Lundbeckfond Ventures, the corporate venturing arm of pharmaceutical firm Lundbeck, and venture capital firm 5AM Ventures.
The series A round was followed by $3.6m in debt financing in February 2016, as well as $8.2m in equity funding and $4m in debt in September 2016, according to regulatory filings.
– Image courtesy of SCPharmaceuticals, Inc.