Sun Pharma subsidiary to acquire Canada based R&D  firm Aquinox Pharmaceuticals for USD 8.2 Million

Biznextindia : Taro Pharmaceutical Industries, a subsidiary of Sun Pharmaceuticals Limited has announced the acquisition of Canada based Pharmaceuticals R&D company Aquinox Pharmaceuticals Inc. for a cash consideration of USD 8.2 million. The amount would be pad for the acquisition of all the shares of the target company.

The shares of Sun Pharma up 1.46 per cent at Rs. 489.55 on the BSE at 10 am.

Aquinox Pharmaceuticals (Canada) Inc. is a corporation organized 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. In August 2019, its parent company, Aquinox Pharmaceuticals, Inc. (previously, NASDAQ:AQXP) merged with Neoleukin Therapeutics, Inc. 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.

In 2019 the company had achieved a turnover of USD 7.711 million.

Last week Taro Pharmaceuticals announced that it has resolved all cases involving the Company in connection with the multi-year investigations by the Department of Justice, Antitrust Division and Civil Division (DOJ) into the U.S. generic pharmaceutical industry.