DUSA Pharmaceuticals (Nasdaq: DUSA), an 86-person life sciences firm focused on dermatology, has agreed to be acquired by Mumbai, India-based Sun Pharmaceutical Industries Ltd. and DUSA Pharmaceuticals Inc. for $230 million. The price of $8 per share in cash is a 38 percent premium on DUSA’s closing share price Wednesday, Nov. 7.
Under the terms of the agreement, a subsidiary of Sun Pharmaceutical will commence a tender offer for all of the outstanding common stock of Wilmington, Mass-based DUSA after unanimous approval by both companies’ boards.
“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,” CEO Robert Doman, said in a statement.
DUSA’s lead product, Levulan PDT, is used to treat and prevent precancerous lesions called actinic keratoses. The condition is the most frequently diagnosed skin disease in the country.
The procedure uses a laser device called a BLU-U Light, which looks something like a floor lamp with a horseshoe shaped laser for a shade. Clinicians begin the treatment by administering a topical drug that enhances the laser-device’s effectiveness. That’s done by breaking the inside of a cardboard encased Levulan Kerastick, much like activating a glow stick. The process causes the powdered medicine to mix with a liquid. The provider then rubs the substance on the patient’s face, and then the patient stands with the laser circling the patient’s face.
Source: Mass Hightech