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Following the development, Sun Pharmaceuticals has agreed to acquire 100% stake in Antibe Therapeutics.
The acquisition will likely be completed by March 7, 2025, the company said.
Antibe Therapeutics is a 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 courtappointed receiver, and the receiver is authorised to carry out the sale of Antibe, Sun Pharma said in a regulatory filing on Thursday, January 16.
The turnover for the financial year 2023-24 is NIL.
The transaction is subject to a reverse vesting order and approval from the Ontario Superior Court of Justice (Commercial List), according to Sun Pharma.
“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,” it said.
Sun Pharma had acquired the remaining 21.52% outstanding shares of Taro for a cash consideration of $43 per share, amounting to $347.73 million or ₹2,891.76 crore, based on the USD-INR exchange rate as of January 18, 2024.
Shares of Sun Pharmaceutical Industries Ltd. are currently trading 0.39% lower on Thursday at ₹1,750. The stock is down 7% so far in 2025.
First Published: Jan 16, 2025 1:02 PM IST
