Sun Pharma's unit Taro to acquire 100% stake in Antibe Therapeutics

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Sun Pharmaceutical has announced that its subsidiary, Taro Pharmaceuticals, has entered into an agreement to acquire a 100 per cent stake in Antibe Therapeutics, a clinical-stage biotechnology company based in Ontario, Canada.

 

The acquisition is expected to be completed before March 7, 2025, subject to approval from the Ontario Superior Court of Justice.

 

The transaction is part of Sun Pharma’s strategy to expand its pharmaceutical and healthcare portfolio, particularly in the area of pain and inflammation management. Antibe Therapeutics specialises in developing novel drugs focused on reducing pain and inflammation.

 

Founded in 2009, the company is currently under court-appointed receivership and has reported no revenue for the past three years.

 

Sun Pharma has stated that the acquisition consideration will be in cash, but the amount will not be disclosed until the transaction closes, due to court oversight of the divestiture of Antibe.

 

“Sun Pharma shall update the consideration to stock exchanges once the transaction is completed,” the company stated in an exchange filing.

 

On the same day, Sun Pharma’s stock rose 0.38 per cent to Rs 1,763.50 apiece on Thursday.