Sun Pharma Acquires Aquinox Pharmaceuticals For $8.2 Million
On Wednesday, Sun Pharmaceutical Industries Ltd said that, for around $8.2 million (Rs 61.28 crore at current exchange rates), Aquinox Pharmaceuticals (Canada) Inc. has been acquired by its Israeli unit.
Sun Pharma said in a filing with stock exchanges that the acquisition is being made by Taro Pharmaceutical Industries Ltd.
Aquinox Pharma, a Canadian firm is a research and development-focussed company. Last year August, Aquinox Pharmaceuticals Inc., the Canadian company’s parent, merged with Neoleukin Therapeutics Inc.
In 2019, around inter-company sales of $7.71 million (around Rs 57.62 crore) was reported by Aquinox Pharma (Canada).
The parent company was involved in the development and discovery of therapeutics focussed on blood cancers, inflammatory pain, and inflammation, prior to the merger with Neoleukin.
Shares of Sun Pharma have traded between Rs 512.55 and Rs 315.20 apiece over the past 52 weeks and ended the day 2.18% up at Rs 493 apiece.
The company makes active pharmaceutical ingredients and generics products and was set up in 1983. Formulations for neurology, psychiatry, and cardiology segments are also developed by the company.
To expand its geographical presence, as well as, to boost its product and research portfolio, the company has previously too, made acquisitions. For instance, last year, n Russia’s PJSC Biosintez, it raised its stake for more than Rs 22 crore, to 96.96%. In 2016., it had originally picked up a majority stake in Biosintez.
A Japanese firm involved in the development and manufacturing of products focussed on the dermatology segment, Pola Pharma Inc’s shares were fully acquired by a Sun Pharma subsidiary in November 2018.
The Indian multinational pharmaceutical company, Sun Pharmaceutical Industries Limited is headquartered in Mumbai, Maharashtra. Primarily in India and the United States, the company manufactures and sells active pharmaceutical ingredients and pharmaceutical formulations.
Sun Pharma Acquires Aquinox Pharmaceuticals, Sun Pharma’s Iserli unit acquires Aquinox Pharma, a Canadian firm, for $8.2 million