Sun Pharma subsidiary to acquire Antibe Therapeutics’ assets

INDIA – A subsidiary of Sun Pharma has agreed to purchase the assets of Canada’s Antibe Therapeutics, a pharmaceutical company specializing in pain and inflammation drugs that entered receivership last year.

According to a financial filing, the deal will see Antibe acquired by Taro Pharmaceutical, which merged with a Sun Pharma unit in 2023.

However, the transaction is contingent upon approval by the Ontario Superior Court of Justice.

The all-cash deal is set to close by March 7, though the financial details will only be disclosed after completion due to Canada’s receivership regulations.

Antibe faced significant financial and operational challenges, leading to its current state. The company has been under a cease trade order since July 24, 2024, following its failure to file audited financial statements for the fiscal year ending March 31, 2024.

Additionally, Antibe struggled to maintain investor confidence after the U.S. Food and Drug Administration (FDA) imposed a clinical hold on its lead drug candidate, otenaproxesul, delaying a planned phase 2 trial.

Further complicating Antibe’s situation was a dispute with Shanghai-based Nuance Pharma over a licensing agreement for otenaproxesul in the Greater China region.

This legal battle resulted in an order requiring Antibe to refund a US $20 million upfront payment, along with US $4 million in interest and costs.

Antibe’s most recent corporate update described otenaproxesul as an innovative drug combining a hydrogen sulfide-releasing molecule with naproxen to create a more tolerable alternative to traditional NSAIDs and opioids for managing acute pain.

The drug is designed to mitigate the gastrointestinal toxicity commonly associated with NSAIDs and prevent dependency risks linked to opioids.

Initially, the company intended to develop otenaproxesul for acute pain, starting with abdominoplasty, after identifying liver safety concerns during chronic dosing for osteoarthritis pain. It was also exploring new formulations to address toxicity issues.

The company’s pipeline includes additional drugs based on its hydrogen sulfide-releasing platform, such as ATB-352 for a specialized pain indication and early-stage programs targeting inflammatory bowel disease.

However, it remains unclear which of these programs will be part of the Taro acquisition, as the financial filing indicates that some “assets and liabilities” will be excluded and transferred to a residual Antibe company.

Sun Pharma appoints Pulak Sarmah

In other news, Sun Pharma has appointed Pulak Sarmah as Head of Corporate Brand Marketing.

Pulak brings nearly 20 years of marketing experience, including 18 years with the Kotak Mahindra Group, where he held roles across various businesses such as Kotak Life, Kotak Mahindra Bank, and Kotak General Insurance, now rebranded as Zurich Kotak General Insurance.

Announcing his new position on LinkedIn, Pulak wrote: “Today, I begin a new professional journey with Sun Pharma Laboratories Limited, after 18 years of building diverse brands within the Kotak Group. Excited for the opportunity to grow and scale the Sun Pharma brand. Thank you all for your love and support.”

Pulak’s career began at Ogilvy & Mather in Mumbai, where he managed notable brands such as World Gold Council, D’damas, Red FM, and Kotak.