TARO Pharmaceuticals Inc., a subsidiary of Sun Pharmaceutical Industries (together with its subsidiaries and/or affiliates referred to as Sun Pharma), has entered into an agreement with Antibe Therapeutics Inc., Canada, pursuant to which Sun Pharma has agreed to acquire 100% stake in Antibe Therapeutics Inc.
Antibe is currently under court-observed liquidation proceedings and is being managed by a court-appointed receiver. Sun Pharma has entered into a definitive agreement with the receiver to acquire 100% shares in Antibe via a reverse Vesting Order, based on which certain excluded assets and liabilities are transferred to a residual company from Antibe prior to closing.
Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
