Sun Pharmaceutical Industries has announced that the company will acquire DUSA, a US-based dermatology company in all-cash transaction of $230 million (Rs 1,250 crore).
Under the terms of the agreement, a 100% subsidiary of Sun Pharma will commence a tender offer for all of the outstanding common stock of DUSA at a price of $8 per share in cash, a 38% premium to the closing price of DUSA’s common stock on November 7, 2012.
DUSA’s leading drug Levulan combination therapy is approved by FDA for treatment of non-hyperkeratotic actinic keratoses or AKs of the face or scalp. Actinic keratosis is a serious skin condition caused by excessive sun exposure which often progresses to skin cancer.
Dilip Shanghvi, Managing Director, Sun Pharma said, “DUSA has proven technical capabilities in photodynamic skin treatments, with USFDA approved manufacturing. DUSA’s business brings us an entry into dermatological treatment devices, where we see good growth opportunities.”