One of the indirect subsidiaries of Sun Pharmaceutical Industries Ltd namely, Taro Pharmaceuticals Inc. (Canada) has entered into an agreement to acquire all of the issued and outstanding shares of Thallion Pharmaceuticals Inc., a Canadian pharmaceutical corporation.
Taro Pharmaceuticals Inc's objective of the acquisition is to expand its innovative product development by the acquisition of Thallion's Shigamab orphan drug candidate, which targets E. Coli-induced hemolytic-uremic syndrome.
The turnover of "Thallion Pharmaceuticals Inc." was Canadian Dollar 3.1 Million for the year ending 31st December 2016. Post acquisition, no turnover is expected of existing products since all the revenue-producing assets have been transferred from Thallion to the seller company, Bellus Health. Post acquisition, of Thallion Pharmaceutical Inc., Taro Pharmaceuticals Inc. (Canada) would have only rights for development of orphan drug candidate, Shigamab which targets E. Coli-induced hemolytic-uremic syndrome.
The cost of acquisition is Canadian Dollar 2.3 Million with an additional amount of Canadian Dollar 0.4 Million due at the earlier of the completion of an additional preclinical animal study or April 1, 2019.
Thallion is being amalgamated (merged) with Taro Pharmaceuticals Inc. (Canada) immediately.
Shares of SUN PHARMACEUTICAL INDUSTRIES LTD. was last trading in BSE at Rs.706.7 as compared to the previous close of Rs. 710.9. The total number of shares traded during the day was 228542 in over 4987 trades.
The stock hit an intraday high of Rs. 716 and intraday low of 702.25. The net turnover during the day was Rs. 161452932.