Latest News | Taro Pharma to Acquire Canada's Aquinox Pharmaceutical for USD 8.2 Million

New Delhi, Jul 29 (PTI) Drug major Sun Pharma on Wednesday said a subsidiary of its American arm Taro Pharmaceutical will acquire Canada's Aquinox Pharmaceutical for USD 8.2 million (approx Rs 61.35 crore) in cash.

Aquinox Pharmaceuticals is a corporation organised and existing under the laws of the Province of British Columbia that carries on the business of research and development of pharmaceutical products for purposes of their commercialisation.

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"One of the wholly owned subsidiaries of our subsidiary company, Taro Pharmaceutical Industries, has agreed to acquire by way of purchase of all outstanding shares of Aquinox Pharmaceuticals (Canada)," Sun Pharma said in a regulatory filing.

100 per cent shareholding, constituting equity shares and non-voting preferred shares, will be acquired, it said.

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A cash consideration of USD 8.2 million will be paid for acquisition of all shares of Aquinox Pharmaceutical, Sun Pharma said.

The transaction is expected to be completed by the end of the month.

Shares of Sun Pharma were trading 1.35 per cent higher at Rs 489 apiece on BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)