TORONTO: India’s biggest drugmaker Sun Pharmaceutical Industries Ltd has agreed to acquire Canadian pharmaceuticals firm Thallion Pharmaceuticals Inc for 2.7 million Canadian dollars (around $2 million). The acquisition will be done through Taro Pharmaceuticals Inc (Canada), the indirect arm of its group firm Taro, the Indian drugmaker said in a stock market disclosure.
Sun Pharma had acquired a controlling stake in Taro in 2010 after a three-year-long battle for control. The total deal size includes an additional 0.4 million Canadian dollars due at the completion of an additional pre-clinical animal study, it added. The transaction will help its Canadian unit to expand its product development by the acquisition of orphan drug candidate Shigamab, which is used for treatment of E.Coli induced hemolytic-uremic syndrome.
Thallion Pharmaceuticals, which was founded in 1998, had a turnover of 3.14 Canadian dollars in 2016 against 4.81 Canadian dollars in the previous year. It was acquired by drug firm Bellus Health Inc in 2013. Hence, the current acquisition by Taro Pharmaceuticals Inc (Canada) comprises only Shigamab while all other Thallion assets have been transferred to Bellus Health.
