Antibe Completes Sale to Taro Pharmaceuticals in Receivership Deal
Deal News | Mar 18, 2025 | Globenewswire
Antibe Therapeutics Inc., a Toronto-based company, has completed the sale of all its issued and outstanding common shares to Taro Pharmaceuticals Inc. through a transaction completed on March 17, 2025. This development is part of a receivership proceeding handled by FTI Consulting Inc., the court-appointed receiver tasked to oversee the sale. The sale was ratified by the Superior Court of Justice (Commercial List) on January 29, 2025, and entailed several proceedings, including the addition of 1001138302 Ontario Ltd. (Residual Co) to manage excluded assets and liabilities, the issuance of new shares to Taro Pharmaceuticals, and the termination of other equity interests in Antibe Therapeutics without consideration. The Ontario Securities Commission (OSC) had previously imposed a failure-to-file cease trade order (FFCTO) on Antibe in July 2024, which was partially lifted on March 6, 2025. Antibe is now seeking a full revocation of this order and to cease being a reporting issuer across several Canadian provinces.
Sectors
- Pharmaceuticals
- Legal and Advisory Services
Geography
- Canada – Antibe Therapeutics is a Canadian company and the court proceedings took place in Canada under Canadian securities laws.
Industry
- Pharmaceuticals – The article discusses the acquisition of Antibe Therapeutics, which operates in the pharmaceutical sector, by Taro Pharmaceuticals.
- Legal and Advisory Services – The involvement of FTI Consulting as the court-appointed receiver and the legal proceedings related to the court and regulatory approvals highlight the relevance of legal and advisory services.
Financials
- N/A – No specific financial figures, such as deal price, were disclosed in the article.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Antibe Therapeutics Inc. | Target Company | Company | A pharmaceutical company involved in a receivership that led to the sale of its shares. |
| Taro Pharmaceuticals Inc. | Purchaser | Company | The company that acquired all issued and outstanding shares of Antibe Therapeutics. |
| FTI Consulting Inc. | Receiver | Company | Appointed by the court to oversee the receivership proceedings of Antibe Therapeutics. |
| Superior Court of Justice (Commercial List) | Legal Authority | Government | Court that granted the order to approve the transaction and related proceedings. |
| Ontario Securities Commission (OSC) | Regulatory Authority | Government | The regulatory body that issued and partially revoked the failure-to-file cease trade order against Antibe. |
| 1001138302 Ontario Ltd. (Residual Co) | Asset Holder | Company | Created to manage the excluded assets and liabilities of Antibe Therapeutics during the receivership. |