Sun Pharma acquires 14 drug brands from Novartis in Japan

Sun Pharma acquires 14 drug brands from Novartis in Japan

IANSUpdated: Friday, May 31, 2019, 04:48 PM IST
article-image
sun pharma |

Chennai: In a $293 million cash deal India’s Sun Pharmaceutical Industries Ltd. has agreed to buy 14 established prescription brands from Novartis AG and Novartis Pharma AG in Japan, the Indian company said.

In a statement issued late Tuesday the company said that 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.

“These brands have combined annualised revenues of approximately $160 million and address medical conditions across several therapeutic areas,” the company 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.”

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

“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,” Dilip Shanghvi, managing director, Sun Pharma was quoted as saying in the statement.

As per the December-2015 IMS Data, the size of the Japanese pharmaceutical market was estimated at $73 billion, accounting for over seven percent of the $1 trillion global pharmaceutical market.

RECENT STORIES

Ecos (India) Mobility Submits Draft Paper To SEBI For IPO Fundraising

Ecos (India) Mobility Submits Draft Paper To SEBI For IPO Fundraising

How Data Is Enabling Innovation In Biomedical Devices For Healthier Lives

How Data Is Enabling Innovation In Biomedical Devices For Healthier Lives

Heralding Mediated Dispute Resolution Over Litigation: The Mediation Act, 2023, Future Of Indian...

Heralding Mediated Dispute Resolution Over Litigation: The Mediation Act, 2023, Future Of Indian...

Force Motors Shifts Gears: Exiting Tractors And Connected Activity Business At The End Of FY24

Force Motors Shifts Gears: Exiting Tractors And Connected Activity Business At The End Of FY24

'From Shop Floor To Success': Anand Mahindra Backs Elon Musk's Call For Recognition Of Manufacturing...

'From Shop Floor To Success': Anand Mahindra Backs Elon Musk's Call For Recognition Of Manufacturing...