(By Balachander) DUSA Pharmaceuticals Inc. (NASDAQ: DUSA), a dermatology company, has agreed to be acquired by India-based Sun Pharmaceutical Industries Ltd. for roughly $230 million in cash or $8.00 a share.
The deal represents a premium of 38 percent to DUSA's previous closing price of $5.78.
"DUSA's business brings us an entry into dermatological treatment devices, where we see good growth opportunities," commented Dilip Shanghvi Managing Director of Sun Pharmaceutical.
DUSA's commercial brands include BLU-U, and Levulan/ Kerastick.
The U.S. FDA approved DUSA's BLU-U to treat moderate inflammatory acne vulgaris and general dermatological conditions.
DUSA shares have been trading in the 52-week range of $3.25 to $7.33.