Sun Pharma's Subsidiary Taro Pharma To Acquire Canada's Aquinox Pharma

On Wednesday, in a stock exchange filing, Sun Pharma said that a subsidiary of its American arm Taro Pharmaceutical will acquire Canada's Aquinox Pharmaceutical for $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.

"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.

It said that 100% shareholding, constituting equity shares and non-voting preferred shares, will be acquired.

A cash consideration of $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 higher after the announcement.