Sun Pharma arm Taro Pharma to acquire 100% stake in Antibe Therapeutics

Written by Ruchika Sharma Published On 2025-01-16T17:39:31+05:30 | Updated On 16 Jan 2025 5:39 PM IST

Sun Pharma arm to acquire 100% stake in Antibe Therapeutics

Gujarat: TARO Pharmaceuticals Inc., a subsidiary of Sun Pharmaceutical Industries Limited, has entered into an agreement with Antibe Therapeutics Inc., Canada, pursuant to which Sun Pharma has agreed to acquire 100% stake in Antibe Therapeutics Inc.

Antibe Therapeutics Inc. is an Ontario, Canada incorporated corporation based in Ontario, Canada. It is a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation.

Antibe is currently being managed by a court appointed receiver, and the receiver is authorized to carry out the sale of Antibe. The turnover for FY 2023-24 is NIL.

The transaction is subject to a Reverse Vesting Order and approval from the Ontario Superior Court of Justice (Commercial List) (the “Ontario Court”).

The acquisition will likely be completed by March 7, 2025, the company stated in a BSE filing.

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.

Last year, Sun Pharmaceutical Industries Limited completed the merger of Taro Pharmaceutical Industries Ltd. with its subsidiary. As part of this merger, Sun Pharma acquired all outstanding ordinary shares of Taro other than the shares already held by Sun Pharma or its affiliates.

Read also: Taro Pharma now wholly owned by Sun Pharma

Sun Pharma is an Indian multinational pharmaceutical company headquartered in Mumbai, Maharashtra. The company manufactures and markets a large basket of pharmaceutical formulations covering a broad spectrum of chronic and acute therapies. It includes generics, branded generics, specialty, complex or difficult-to-make technology-intensive products, over-the-counter (OTC), antiretrovirals (ARVs), Active Pharmaceutical Ingredients (APIs), and Intermediates.

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Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751