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Sun Pharma In The News

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Caraco completes tender offer to acquire 82% stake in Dusa

DRUG firm Sun Pharma­ceutical Industries on Thursday said its US-based subsidiary Caraco has suc­cessfully completed the tender offer to acquire Dusa Pharmaceuticals.

The company said after the tender offer's expira­tion, 2,09,46,624 shares of common stock of Dusa had been validly tendered, rep­resenting nearly 82.4 per cent of the outstanding shares of Dusa, Sun Phar-ma said in a statement.
Last month, Sun Phar-ma had inked a pact to ac­quire US-based Dusa Phar­maceuticals for around $230 million (around Rs 1,250 crore).
Under the terms of the agreement, Caraco had to commence a tender offer for all of the outstanding common stock of Dusa at a price of $8 per share in cash, a 38 per cent premi­um to the closing price of Dusa's common stock on November 7.
"Caraco Pharmaceutical Laboratories (CPL) intends  to promptly move forward with a short-form merger under New Jersey law after exercising its top-up option under the merger agree­ment, and Dusa will be­come a wholly owned sub­sidiary of CPL," it said.
The company said the shares, which were not ten­dered during the offer would be cancelled and cease to exist. The shares would be "converted into the right to receive the same $8 per share in cash paid in the tender offer".
"Following the merger, Dusa's common stock will cease to be traded on the Nasdaq global market," it added.
Detroit-based CPL dev­elops, manufactures, mar­kets and distributes generic Pharmaceuticals to the na­tion's largest wholesalers, distributors and drugstore chains.
Dusa has proven techni­cal capabilities in photo-dy­namic skin treatments with USFDA-approved manufa­cturing. Dusa's business bri­ngs us an entry into derma-tological treatment devices, where we see good growth opportunities, it said.