Sun Pharmaceutical Industries Ltd. is set to acquire Canada-based clinical-stage biotechnology company Antibe Therapeutics. The target company develops novel drugs primarily focusing on reducing pain and inflammation.

“TARO Pharmaceuticals Inc., a subsidiary of Sun Pharmaceutical Industries Ltd., has entered into an agreement with Antibe Therapeutics Inc., Canada, pursuant to which Sun Pharma has agreed to acquire 100 percent stake in Antibe Therapeutics Inc.,” the company informed in a regulatory filing.

It further added that it is part of a strategic investment in a pharma company. The Indicative time period for completion of the acquisition is before March 7, 2025.

It further added that the transaction is subject to a Reverse Vesting Order and approval from the Ontario Superior Court of Justice (Commercial List).

Antibe is currently under court-observed liquidation proceedings and is being managed by a court-appointed receiver. Sun Pharma has entered into a definitive agreement with the receiver to acquire 100 percent shares in Antibe via a reverse Vesting Order, based on which certain excluded assets and liabilities are transferred to a residual company from Antibe prior to closing.