For a better experience, Read this story in our App
-573.38
-169.60
+ 451.00
+ 1,908.00
+ 618.00
-573.38
-169.60
-169.60
+ 451.00
+ 451.00
+ 1,908.00
Taro Pharmaceuticals Inc, a subsidiary of Sun Pharmaceutical Industries Ltd has entered into an agreement withCanada’s Antibe Therapeutics Inc, to acquire 100 per cent in the company.
Antibe is an Ontario-based clinical-stage biotechnology company that develops novel drugs primarily focusing on reducing pain and inflammation. The company was founded in 2009 and its consolidated revenue from operations for the previous three years is nil, Sun Pharma told BSE.
The transaction is subject to a “reverse vesting order” and approval from the Ontario Superior Court of Justice (Commercial List), Sun said, adding that the transaction is expected to be closed before March 7,2025.
On funding the transaction, the company said, “Since the Ontario Court is overseeing the divestment of Antibe, the court-appointed receiver has indicated that acquisition consideration should not be disclosed until the closing of the transaction.” Sun added that it would provide an update on the consideration once the transaction is completed.
Published on January 16, 2025
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.