On January 16, 2025, Sun Pharmaceuticals Ltd, India’s largest pharmaceutical manufacturer announced that its US subsidiary, Taro Pharma has agreed with Canada-based biotech company Antibe Therapeutics. As part of the deal, Sun Pharmaceuticals will acquire 100% of Antibe Therapeutics’ shares. The acquisition is expected to close by March 7, 2025, according to the company’s announcement.
The transaction is contingent on a reverse vesting order and approval from the Ontario Superior Court of Justice (Commercial List), as stated by Sun Pharma.
In a related move, Sun Pharma had previously acquired the remaining 21.52% of Taro Pharma’s outstanding shares for a cash consideration of $43 per share, totalling $347.73 million (₹2,891.76 crore, based on the USD-INR exchange rate on January 18, 2024).
Antibe Therapeutics, headquartered in Ontario, Canada, is a clinical-stage biotechnology company focused on developing novel drugs aimed at reducing pain and inflammation.
Currently, Antibe is under the management of a court-appointed receiver, who is authorized to oversee its sale. Sun Pharma disclosed this information in a regulatory filing on Thursday, January 16. For the financial year 2023-24, Antibe’s revenue was reported as NIL.
Sun Pharma announced on January 16, 2025, that its board will meet on January 31, 2025, to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2024. Additionally, the board will decide whether to declare an interim dividend for the financial year 2024-25. If a dividend is declared, the record date for eligibility will be February 6, 2025.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Jan 17, 2025, 11:46 AM IST
Sachin Gupta
Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.
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