Sun Pharmaceutical Industries, an integrated pharmaceutical company and DUSA Pharmaceuticals, Inc. have entered into a definitive agreement under which Sun Pharma (Q,N,C,F)* will acquire DUSA, a dermatology company focused on developing and marketing its Levulan photodynamic therapy platform.
Under the terms of the agreement, a 100% subsidiary of Sun Pharmaceutical Industries will commence a tender offer for all of the outstanding common stock of DUSA at a price of USD 8 a share in cash, a 38% premium to the closing price of DUSA’s common stock on November 07, 2012. The transaction has a total cash value of approximately USD 230 million.
Dilip Shanghvi, managing director of the company 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. The entire team at DUSA has built an excellent franchise around Levulan PDT and continues to grow its presence in the dermatology space. We are confident that Sun Pharma will build upon the solid foundation our organization has established in the United States dermatology market to further expand access to Levulan for patients with actinic kerotoses,” stated Robert Doman, president and CEO of DUSA Pharmaceuticals, Inc.