Sun Pharma acquires 14 brands from Novartis for $293m

Drug major Sun Pharma has forayed into the Japanese prescription market by acquiring 14 brands from Swiss drug firm Novartis for $293 million (over Rs 1,940 crore).

According to the agreements signed by the parties, a wholly-owned subsidiary of Sun Pharma will acquire the portfolio consisting of 14 established prescription brands from Novartis for a cash consideration of $293 million, Sun Pharma said in a statement.

“Japan is a market of strategic interest for us. This acquisition marks Sun Pharma’s foray into the Japanese prescription market and provides us an opportunity to build a larger product portfolio in the future,” Sun Pharma managing director Dilip Shanghvi said.

Under the terms of the agreements, Novartis will continue to distribute these brands, for a certain period, pending transfer of all marketing authorisations to Sun Pharma’s subsidiary, it added.

The acquired brands will be marketed by a reliable and established local marketing partner under the Sun Pharma label.

 

Source: ETHealthworld

Date: 30th March, 2016.

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