Sun Pharmaceutical Industries has announced that a wholly-owned subsidiary of Taro Pharmaceutical Industries Ltd will acquire Aquinox Pharmaceuticals (Canada) Inc for $8.2 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 said in a regulatory filing quoted by IANS report.
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 commercialization, it added.
The subsidiary of Taro Pharmaceutical will acquire 100 per cent stake in the company, the report said. The company said that no approvals are required for the acquisition and it is likely to be completed by July 31.