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Mumbai, Sun Pharmaceutical Industries on Wednesday mentioned that a wholly-owned subsidiary of Taro Pharmaceutical Industries Ltd will purchase Aquinox Pharmaceuticals (Canada) Inc for $eight.2 million.
Taro Pharmaceutical is a US-based subsidiary of Sun Pharmaceutical.
“One of the wholly owned subsidiaries of our subsidiary company, Taro Pharmaceutical Industries Ltd., has agreed to acquire by way of purchase of all outstanding shares of Aquinox Pharmaceuticals (Canada) Inc.,” Sun Pharma mentioned in a regulatory submitting.
Aquinox Pharmaceuticals is an organization organised and present underneath the legal guidelines of the Province of British Columbia that carries on the enterprise of analysis and improvement of pharmaceutical merchandise for functions of their commercialization, it added.
The subsidiary of Taro Pharmaceutical will purchase 100 per cent stake within the firm.
The firm mentioned that no approvals are required for the acquisition and it’s prone to be accomplished by July 31.
Sun Pharma shares surged on Wednesday on the again of the announcement. At 10.56 a.m., its shares on the BSE had been buying and selling at Rs 491.05, increased by Rs eight.55 or 1.77 per cent from its earlier shut.