Subsidiary of Sun Pharma, Taro Pharmaceutical will acquire Canada's Aquinox Pharmaceutical for USD 8.2 million (approx Rs 61.35 crore).
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.
"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 percent shareholding, constituting equity shares and non-voting preferred shares, will be acquired, it said. 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.
In August 2019, Aquinox Pharmaceuticals was merged with Neoleukin Therapeuticsand prior to its merger with Neoleukin, Aquinox was a pharmaceutical company discovering and developing novel therapeutics for conditions marked by inflammation, inflammatory pain, and blood cancers.
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