Sun Pharma acquires Canadas Aquinox Pharmaceuticals for $8.2mn

Taro Pharmaceutical, a US based subsidiary of Sun Pharma, will acquire 100 per cent stake in the company.

Sun Pharmaceutical Industries acquired Canada-based Aquinox Pharmaceuticals for $8.2 million through its wholly owned subsidiary Taro Pharmaceutical Industries.

Taro Pharmaceutical, a US based subsidiary of Sun Pharma, will acquire 100 per cent stake in the company.

In a regulatory filing, Sun Pharma said Aquinox Pharmaceuticals is a corporation organised and existing under the laws of the Province of British Columbia that carries on the business of research and development of pharmaceutical products for purposes of their commercialisation.

The company said that the acquisition is likely to be completed by 31 July and no approvals are required for it.

The acquisition comes after the Canadian company's parent, Aquinox Pharma, merged with Neoleukin Therapeutics Inc in August last year. Prior to the merger with Neoleukin, the parent company was involved in the discovery and development of therapeutics focussed on inflammation, inflammatory pain, and blood cancers.