
Sun Pharmaceutical Industries Limited, through its subsidiary TARO Pharmaceuticals Inc., has entered into an agreement to acquire 100% of Antibe Therapeutics Inc., a clinical-stage biotechnology company based in Ontario, Canada. Antibe specializes in developing novel drugs focused on pain and inflammation relief. The company is currently under court-appointed receivership, with the Ontario Superior Court of Justice overseeing the sale.
The acquisition is a strategic investment in the pharmaceutical and healthcare sector, and Sun Pharma aims to enhance its portfolio of pain and inflammation treatments. The deal is subject to a Reverse Vesting Order and approval from the Ontario Court.
Key Details of the Acquisition:
- Target Entity: Antibe Therapeutics Inc., founded in 2009, specializes in pain and inflammation treatment.
- Industry: Pharmaceuticals and Healthcare.
- Transaction Type: Cash consideration.
- Completion Deadline: Before March 7, 2025.
- Regulatory Approval: Ontario Court approval required.
- Revenue: Antibe reported no revenue for FY 2023-24, as it is under liquidation proceedings.