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.
Before March 7
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.