In a 293 million dollar cash deal Sun Pharmaceutical Industries Ltd. has agreed to buy 14 established prescription brands from Novartis AG and Novartis Pharma AG in Japan, a company statement said.
“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.