Sun Pharma-owned subsidiary to acquire Canada's Aquinox Pharma for $8.2 mn

Indian company says no approvals are required for the acquisition and it is likely to be completed by July 31

Sun Pharmaceutical Industries on Wednesday said that a wholly-owned subsidiary of Taro Pharmaceutical Industries Ltd will acquire Aquinox Pharmaceuticals (Canada) Inc for $8.2 million.

Taro Pharmaceutical is a US-based subsidiary of Sun Pharmaceutical.

"One of the wholly owned subsidiaries of our subsidiary company, Taro Pharmaceutical Industries Ltd., has agreed to acquire by way of purchase of all outstanding shares of Aquinox Pharmaceuticals (Canada) Inc.," Sun Pharma said in a regulatory filing.

Aquinox Pharmaceuticals is a corporation organised and existing under the laws of the Province of British Columbia that carries on the business of research and development of pharmaceutical products for purposes of their commercialization, it added.

The subsidiary of Taro Pharmaceutical will acquire 100 per cent stake in the company.

The company said that no approvals are required for the acquisition and it is likely to be completed by July 31.

Sun Pharma shares surged on Wednesday on the back of the announcement. At 10.56 a.m., its shares on the BSE were trading at Rs 491.05, higher by Rs 8.55 or 1.77 per cent from its previous close.