Indian drugmaker Sun Pharmaceutical Industries Ltd. plans to buy dermatology company Dusa Pharmaceuticals Inc. in a cash deal worth about $230 million.
Sun said Thursday it will pay $8 for each share of Dusa, a 38 percent premium on the Wilmington, Mass., company’s closing price Wednesday of $5.78.
The price of Dusa shares rose $2.18, or 38 percent, to $7.96 in morning trading Thursday, nearly matching Sun’s offer.
Dusa’s products treat skin disorders like acne.
The boards of directors for both companies have approved the deal, and Dusa’s board has recommended that shareholders take the offer.