Sun Pharma buys US-based DUSA Pharmaceuticals
With this acquisition, Sun Pharma enters into the high-growth dermatological treatment devices segment.
Mumbai, November 9, 2012: Sun Pharma today said that the company will acquire the US-based dermatology company DUSA Pharmaceuticals for US$ 230 million. The company is focused on developing and marketing its Levulan (aminolevulinic acid HCl) photodynamic therapy platform, Sun Pharma said in a statement.
"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,” said Dilip Shanghvi, Managing Director, Sun Pharma
"We believe this transaction brings significant value to DUSA shareholders and are pleased that Sun Pharma recognized the value that has been created,” said Robert Doman, President and CEO, DUSA Pharmaceuticals Inc.
As per the terms of the deal, a 100 per cent subsidiary of Sun Pharma will commence a tender offer for all the outstanding common stock of DUSA at a price of US$ 8 per share, offering a 38 per cent premium over the closing price of DUSA shares as on November 7, 2012. The transaction has been approved by the board of both the companies.