Sun Pharma unit Taro acquires Thallion

India's biggest drugmaker Sun Pharmaceutical Industries (BSE: 524715) has agreed to acquire Canadian pharmaceuticals firm Thallion Pharmaceuticals from Canada’s Bellus Health.

The cost of the acquisition, which is being effected through Sun’s Taro subsidiary, is C$2.7 million (around $2 million) and includes all the rights to Thallion’s lead drug candidate Shigamab.

Of the total C$2.7 million, C$400,000 is contingent upon the completion of a pre-established milestone event, expected to occur within 24 months of the closing of the transaction. In addition, Bellus Health will receive a portion of certain post-approval revenues related to the Shigamab program.