Sun Pharma completes Ocular Technologies Sarl acquisition
The Dollar Business Bureau
Indian multinational Sun Pharmaceutical Industries Ltd. said on Friday that it has concluded the acquisition of Ocular Technologies Sarl (OTS), a US-based specialist in eye care.
“All the necessary formalities for closure of the said transaction have been concluded and the company has successfully completed the acquisition of Ocular Technologies Sarl, on December 15, 2016,” Sun Pharma said in a filing with the Bombay Stock Exchange (BSE).
In October 2016, Sun Pharma announced the acquisition of 100% equity share in OTS, which was owned by a private equity company - Auven Therapeutics, for $40 million front payment.
The Indian MNC will pay further contingent after meeting the drug development and sales milestones and also tiered royalty on sales of the drug - Seciera for the firm for augmented development of breakthrough in therapeutic drugs.
Presently, OTS is developing Seciera drug for the treatment of dry eye disease, Sun Pharma said, while adding that the drug is now in Phase-3 of confirmatory clinical trials.