Sun Pharma subsidiary Taro acquires Antibe Therapeutics

Taro Pharmaceuticals, a subsidiary of Sun Pharmaceutical Industries, has entered into an agreement with Antibe Therapeutics, Canada, under which Sun Pharma has agreed to acquire a 100 per cent stake in Antibe Therapeutics.

Based in Ontario, Canada, Antibe Therapeutics is a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation.

The transaction is subject to a Reverse Vesting Order and approval from the Ontario Superior Court of Justice.

The company statement said that 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 Pharma shall update the consideration to stock exchanges once the transaction is completed.