Sun Pharmaceutical Industries Ltd said on Wednesday its Israeli unit has acquired Aquinox Pharmaceuticals (Canada) Inc. for $8.2 million (Rs 61.28 crore at current exchange rates).
The acquisition is being made by Taro Pharmaceutical Industries Ltd, Mumbai-based Sun Pharma said in a filing with stock exchanges.
Aquinox Pharma is a research and development-focussed company. The acquisition comes after the Canadian company’s parent, Aquinox Pharmaceuticals Inc., merged with Neoleukin Therapeutics Inc. in August last year.
Aquinox Pharma (Canada) reported inter-company sales of $7.71 million (around Rs 57.62 crore) in 2019.
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.
Shares of Sun Pharma ended the day 2.18% up at Rs 493 apiece. Its shares have traded between Rs 512.55 and Rs 315.20 apiece over the past 52 weeks.
The company – set up in 1983 – makes generics products and active pharmaceutical ingredients. It also develops formulations for psychiatry, neurology and cardiology segments, among others.
Sun Pharma reported consolidated net sales of Rs 32,837.5 crore for 2019-20, with profit after tax of Rs 4,447.43 crore.
The company has previously, too, made acquisitions to boost its product and research portfolio, as well as expand its geographical presence. Last year, for example, it raised its stake in Russia’s PJSC Biosintez to 96.96% for more than Rs 22 crore. It had originally picked up a majority stake in Biosintez in 2016.
In November 2018, a Sun Pharma subsidiary agreed to fully acquire the shares of Pola Pharma Inc, a Japanese firm involved in the development and manufacturing of products focussed on the dermatology segment.