Sun Pharmaceutical has signed an agreement to acquire DUSA, a US based dermatology company.
The deal is likely to be valued at about $230 million (approx Rs 1,200 crore). Under the terms of the agreement, a wholly owned subsidiary of Sun Pharma will make a tender offer for all of the outstanding common stock of DUSA at $8 a share in cash, a 38 per cent premium to the closing price of DUSA’s common stock on 7 November 2012.
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 pursuant to the tender offer.