Sun Pharma to acquire Canadian clinical stage biotech firm Antibe Therapeutics 

Drugmaker Sun Pharmaceutical Industries has entered into a definitive agreement to acquire 100% stake in Antibe Therapeutics Inc., an Ontario, Canada incorporated clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation.

Antibe is under court-observed liquidation proceedings and managed by a court-appointed receiver. Sun Pharma has entered into a definitive agreement with the receiver to acquire 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.

The transaction is subject to the reverse vesting order and approval from the Ontario Superior Court of Justice (Commercial List). March 7 is by when the acquisition is likely to be completed. The decision to acquire 100% stake follows Sun Pharma subsidiary Taro Pharmaceuticals Inc entering into an agreement with Antibe.

Sun Pharma said since the Ontario Court is overseeing the divestment of Antibe, the court-appointed receiver has indicated that acquisition consideration should not be disclosed until the closing of the transaction.