Taro Pharmaceuticals Inc., a subsidiary of Sun Pharmaceutical Industries Ltd., has announced an agreement to acquire 100% of Antibe Therapeutics Inc., a clinical-stage biotechnology firm based in Ontario, Canada.
Founded in 2009, Antibe specializes in the development of innovative drugs aimed at alleviating pain and inflammation. Notably, the company has reported no revenue from its operations over the past three years, according to Sun Pharma’s statement to the BSE.
This acquisition is contingent upon a “reverse vesting order” and requires approval from the Ontario Superior Court of Justice (Commercial List). Sun Pharma has indicated that the deal is anticipated to be finalized before March 7, 2025.
Regarding the funding for this transaction, Sun Pharma stated, “Given that the Ontario Court is managing Antibe’s divestment, the court-appointed receiver has advised that the purchase price should remain confidential until the transaction is finalized.” Sun Pharma also committed to providing details on the acquisition consideration once the deal is completed.
