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Sun Pharmaceutical Industries Ltd To Acquire DUSA Pharmaceuticals Inc

Thursday, 8 Nov 2012 06:36am EST 

Sun Pharmaceutical Industries Ltd announced that they have entered into a definitive agreement under which Sun Pharma will acquire DUSA Pharmaceuticals Inc, a dermatology Company focused on developing and marketing its Levulan (aminolevulinic acid HCl) photodynamic therapy platform. Under the terms of the agreement, a 100% subsidiary of Sun Pharmaceutical Industries Ltd will commence a tender offer for all of the outstanding common stock of DUSA at a price of $8.00 per share in cash, a 38% premium to the closing price of DUSA's common stock on November 7, 2012. The transaction has a total cash value of approximately $230 million. 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.