Taro Pharmaceuticals Inc., a subsidiary of Sun Pharmaceutical Industries Ltd., has reached an agreement to acquire hundred percent of Antibe Therapeutics Inc., a Canadian biotechnology firm.
About Antibe Therapeutics
Antibe Therapeutics, based in Ontario, is a clinical-stage biotechnology company founded in 2009.
Taro Pharmaceuticals focuses on developing innovative drugs aimed at reducing pain and inflammation.
However, Antibe has not reported any revenue from operations over the past three years, as confirmed by Sun Pharma in a statement to the Bombay Stock Exchange.
Transaction Details and Conditions
The acquisition is subject to a ‘reverse vesting order’ and requires approval from the Ontario Superior Court of Justice (Commercial List). Sun Pharma anticipates that the transaction will be finalized before March 7, 2025.
Funding and Disclosure Information
As reported by thehindubusinessline.com, the Ontario court is overseeing the divestment of Antibe. The court-appointed receiver has stated that the acquisition consideration will not be disclosed. This will occur only after the deal is closed.
