DUSA is a dermatology company focused on developing and marketing its Levulan photodynamic therapy platform.
Sun Pharmaceutical Industries on Tuesday said its arm DUSA Pharmaceuticals Inc has reached settlement with Biofrontera to resolve a litigation over misappropriation of trade secrets and unfair practice, following which DUSA will receive $22.5 million (nearly Rs 170 crore). In 2018, DUSA Pharmaceuticals had filed a suit at the US District Court of Massachusetts against Biofrontera Inc Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH, and Biofrontera AG (together known as Biofrontera) alleging "misappropriation of trade secrets, tortious interference of contract and unfair trade practices".
Is yet to decide about the partnership or acquisition route
The proposed acquisition is expected to close by the end of 2014, subject to approvals from Indian Courts and the anti-trust body in India and the US
Sun Pharma's managing director Dilip Shanghvi, says we continue to look for opportunities to expand our business in all the key geographies and markets we are focused on.
The company buys distressed assets across the globe and turns them around to not only add to its books but also its product pipeline and regions.
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