Sun Pharmaceuticals to buy DUSA
Leerink Swann LLC acted as exclusive financial advisor and Reed Smith LLP acted as legal advisor to DUSA Pharmaceuticals, the company said.
Shares of Sun Pharma today closed at Rs 696.15 apiece on the BSE, down 0.76 per cent from its previous close.
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India's Sun Pharma to buy U.S.-based Dusa for $230 mln
India's Sun Pharmaceutical Industries Ltd will pay about $230 million for U.S.-based Dusa Pharmaceuticals Inc to gain access to the skin treatment market in the United States and complement the dermatology business of its Taro Pharmaceutical Industries Ltd subsidiary.
Sun Pharma, India's top drugmaker by market value, draws nearly half of its sales from the United States but sales from Taro, its Israeli unit, have been driving profits in the world's biggest drug market.
Dusa's business brings us an entry into dermatological treatment devices, where we see good growth opportunities, Sun Pharma Managing Director Dilip Shanghvi said in a statement on Thursday.
Dusa's Levulan combination therapy is approved by the U.S. Food and Drug Administration for treating non-hyperkeratotic actinic keratoses of the face or scalp.
BLU-U, another Dusa technology, is used to treat moderate inflammatory acne vulgaris.
This acquisition will actually complement Taro's existing business, which has a strong dermatology product range, said Siddhant Khandekar, an analyst at ICICI Direct in Mumbai.
This was the only area, a growing one, where Sun did not have products in the United States.
Sun, which has a market value