Indian pharmaceutical major, Sun Pharmaceuticals announced the acquisition of Tarsius Pharma. Sun Pharmaceuticals acquired an 18.75% stake in Israel-based Tarsius Pharma for $3 million. Sun Pharma said, “The cost of acquisition is US$3 million.”
Sun Pharma indicated that the acquisition is expected to be completed before September 15, in the filing. The stake of the company was bought through one of its wholly owned subsidiaries, the company said in a filing to the stock exchanges.
Sun Pharma’s subsidiary would be acquiring 345,622 ordinary shares of the company, having a nominal value of NIS 0.01 each, representing 18.75% of shares of Tarsius on a fully-diluted basis. Tarsius is an early-stage research and development company focusing on the development of drug candidates in the field of ophthalmology. The company was incorporated on February 21, 2016.
Sun Pharma is also facing some heat as the US Food and Drug Administration (FDA) started a three-day surprise inspection at the company’s Mohali plant in Punjab, on Monday. The US drug regulator had earlier found seven breaches of manufacturing standards during an inspection conducted between 7 and 16 November 2016 at the Mohali plant and had issued Form 483.