Taro Pharma To Acquire entire stake in Antibe Therapeutics

Taro Pharma, the US division of India's top drug maker Sun Pharmaceuticals Ltd., has reached a agreement with Antibe Therapeutics, a biotech firm from Canada. After the announcement, Sun Pharmaceuticals has agreed to acquire 100% share in Antibe Therapeutics.

The company stated that the acquisition is expected to be finalized by March 7, 2025. Antibe Therapeutics is a company located in Ontario, Canada. It is a biotechnology company in the clinical stage creating new medications mainly aimed at alleviating pain and inflammation. Antibe is presently under the management of a court-appointed receiver, who is authorized to conduct the sale of Antibe, as stated by Sun Pharma in a regulatory filing on Thursday, January 16.

The revenue for the financial year 2023-24 is ZERO. According to Sun Pharma, the transaction requires a reverse vesting order and the approval of the Ontario Superior Court of Justice (Commercial List).

"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 has acquired the remaining 21.52% of Taro's outstanding shares at $43 per share, totaling $347.73 million or ?2,891.76 crore, according to the USD-INR exchange rate on January 18, 2024.