Sun Pharma forays into Japan with $293 million product buy from Novartis
Shares of Sun Pharma (BOM: 524715), the largest Indian drug maker rose over 2% Wednesday as the company announced the acquisition of 14 brands in Japan from Swiss pharma major Novartis (VTX: NOVN) for $293 million.
Under the terms of the deal, Novartis will continue to distribute these brands, for a certain period, pending transfer of all marketing authorizations to Sun Pharma.
Novartis brands had combined annualized revenues of about $160 million and address medical conditions across several therapeutic areas, the company said in a statement.
Sun Pharma’s managing director, Dilip Shanghvi, says: “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.”
The Japanese pharmaceutical market is estimated to be worth $73 billion, accounting for over 7% of the $1 trillion global pharmaceutical market.
Shares in the company were trading up over 2% at 810.50 rupees on the Bombay Stock Exchange Wednesday.
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