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14 Nov 2012

Sun Pharma to acquire DUSA Pharmaceuticals

Sun Pharma will acquire DUSA Pharmaceuticals in a deal worth approximately $230 million.

Sun Pharmaceutical Industries Ltd has entered into a definitive agreement with DUSA Pharmaceuticals under which Sun Pharma will acquire the dermatology company.

A Sun Pharma subsidiary will commence a tender offer for all outstanding common stock of DUSA at a price of $8 per share.

This represents a 38 per cent premium to the closing price of DUSA's stock on November 7th 2012 and brings the total cash value of the transaction to approximately $230 million.

DUSA's board of directors has advised shareholders to tender their shares, with president and chief executive officer Robert Doman insisting that the transaction would bring them "significant value".
"The entire team at DUSA has built an excellent franchise around Levulan PDT (photodynamic therapy) and continues to grow its presence in the dermatology space," he said.

"We are confident that Sun Pharma will build upon the solid foundation our organisation has established in the United States dermatology market to further expand access to Levulan for patients with actinic kerotoses."
Dilip Shanghvi, managing director of India-based Sun Pharma, added that DUSA's business "brings us an entry into dermatological treatment devices, where we see good growth opportunities".

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