Sun Pharma Acquires Canada's Aquinox Pharma For $8.2 Million, Shares Gain
Sun Pharmaceutical Industries on Wednesday announced the acquisition of Canada-based Aquinox Pharmaceuticals (Canada) Inc for $8.2 million through its wholly-owned subsidiary Taro Pharmaceutical Industries. In a regulatory filing, Sun Pharma said Aquinox Pharmaceuticals is a research and development company focused on pharmaceutical products for the purpose of their commercialisation. Shares in Sun Pharma climbed up nearly 2 per cent in morning deals on Wednesday. (Track Sun Pharmaceutical Industries Shares Here)
On the BSE, Sun Pharmaceutical Industries shares rose as much as 1.87 per cent to Rs 491.50 apiece after the announcement.
Sun Pharma said that in August 2019, the target company's parent, Aquinox Pharmaceuticals, had merged with Neoleukin Therapeutics.
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, it added.
At 10:34 am, the Sun Pharma stock traded with a gain of 1.52 per cent at Rs 489.85 apiece on the bourse, outperforming the benchmark S&P BSE Sensex index which was down 0.44 per cent amid volatile trade.
Last week, Sun Pharmaceutical Industries said its wholly-owned subsidiary, Taro Pharmaceuticals USA, had resolved all cases in connection with multi-year investigations by the Department of Justice, Antitrust Division and Civil Division into the US generic pharmaceutical industry.Â
Sun Pharmaceutical Industries is due to report its financial results for the quarter ended June 30 on July 31. For the quarter ended March 31, the drug maker had reported an 8.22 per cent year-on-year increase in net profit to Rs 1,155.85 crore.
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