RPG Life Sciences Signed A Pact To Acquire Seven Prescription Drug Brands Of Sun Pharma
Sun Pharmaceutical Industries Ltd. signed an agreement with RPG Life Sciences Ltd. to divest seven prescription brand drugs from its health supplements segment for Rs 41 crore.
The seven brands, owned by Sun Pharma and its subsidiaries, include drugs used for the treatment of respiratory-tract infections, urological disorders and cardiovascular diseases, as per the company’s press release on the Bombay Stock Exchange.
RPG Life Sciences, part of RPG Enterprises, makes branded formulations, generic drugs, and synthetic and fermentation bulk drugs.
The acquisition of the seven brands is in line with the company’s long-term growth strategy, CT Renganathan, the managing director of RPG Life Sciences said in a press release.
“This is the first time we have made a brand acquisition. We believe that these brands have a huge potential to grow and are a perfect fit to our current portfolio,” he said.
Sun Pharma, which counts Singapore’s sovereign wealth fund GIC and Temasek as investors, sold two oral solid dosage manufacturing facilities in the US to Frontida BioPharm Inc early in June as part of its consolidation efforts in the region.
While Sun Pharma has
been consolidating its US business, it recently entered the prescription market of Japan by acquiring 14 brands from Swiss firm Novartis AG for $293 million.Sun Pharma, the world’s fifth-largest specialty generic pharmaceutical company, posted a consolidated net profit of Rs 1,714 crore for the quarter ended March 2016 compared with Rs 889 crore a year earlier. Its consolidated income was Rs 7,634 crore for the quarter, up from Rs 6,112 crore a year earlier.
The divestment agreement is subject to approval from the Competition Commission of India (CCI).
