The search giant has announced a cash infusion of Rs 500 cr to support the sale of its pharmaceutical stocks, in a move that is expected to help the company meet a key demand in the sector.
The move is expected, the company said in a statement on Wednesday.
The announcement is the second in the last three weeks for the company to sell its stock.
Google has been looking to make inroads into the drug market, and has recently raised its target price for its key products, which include its parent company’s drugmaker, AstraZeneca, to a range of $12 to $15 per share from its current $8.50 per share.
The new funding will go towards buying up some of the stocks, including India-based drugmaker Rigel Pharmaceuticals, the statement said.
The company had previously said it had been looking for an infusion of at least $200 cr for a number of its drug stocks.
In a separate statement, the San Diego-based company said it would be taking a cash position of at a “substantial level” in each of the remaining pharmaceutical stocks in its portfolio.
Rigel’s shares were trading at a premium to their price on the Bombay Stock Exchange on Wednesday after the announcement.