Sun Pharma to buy US dermatology company Dusa Pharmaceuticals for $230 mn
09 Nov 2012
Sun Pharmaceutical Industries, India's largest drugmaker by market value, today said that it isacquiring US dermatology company Dusa Pharmaceuticals, for about $230 million in cash.
Under the terms of the deal, a wholly-owned subsidiary of Sun Pharma will offer to pay $8 per share, a 38 per cent premium to Dusa's closing price on 7 November.
The transaction has been unanimously approved by the boards of directors of both companies and Dusa's board has recommended that the company's shareholders tender their shares to the offer.
Wilmington, Massachusetts-based Dusa is a market leader in photodynamic therapy (PDT), marketing products to dermatologists for the treatment of patients with minimally to moderately thick actinic keratoses (AKs) of the face or scalp.
Dusa products include BLU-U, and Levulan / Kerastick.
Disa's Levulan combination therapy is approved by the US Food & Drug Administration (FDA) for treatment of non-hyperkeratotic actinic keratoses, while BLU-U has been approved by FDA for the treatment of moderate inflammatory acne vulgaris and general dermatological conditions.
Dilip Shanghvi, managing director of 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.''
''We believe this transaction brings significant value to DUSA shareholders and are pleased that Sun Pharma recognized the value that has been created. We are confident that Sun Pharma will build upon the solid foundation our organization has established in the US dermatology market to further expand access to Levulan for patients with actinic kerotoses,'' stated Robert Doman, president and CEO of Dusa.
