Sun Pharma arm to acquire Aquinox pharmaceuticals Canada Inc

Taro Pharmaceutical Industries Ltd., wholly owned subsidiary of Sun Pharmaceutical Industries Limited’s subsidiary has agreed to acquire by way of purchase of all outstanding shares of Aquinox Pharmaceuticals (Canada) Inc., a corporation organized 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 commercialization. A cash consideration of USD $8.2Mn would be paid for acquisition of all Shares.

Aquinox Pharmaceuticals (Canada) Inc. is a corporation organized 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 commercialization. In August 2019, its parent company, Aquinox Pharmaceuticals, Inc. (previously, NASDAQ: AQXP) merged with Neoleukin Therapeutics, Inc. Prior to its merger with Neoleukin, Aquinox was a pharmaceutical company discovering and developing novel therapeutics for conditions marked by inflammation, inflammatory pain, and blood cancers.

Shares of SUN PHARMACEUTICAL INDUSTRIES LTD. was last trading in BSE at Rs.482.5 as compared to the previous close of Rs. 475.4. The total number of shares traded during the day was 174851 in over 3658 trades.

The stock hit an intraday high of Rs. 483.6 and intraday low of 473.5. The net turnover during the day was Rs. 83970857. –Equity Bulls

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