Sun Pharma agrees to buy 14 drug brands from Novartis in Japan

  • IANS, Chennai
  • Updated: Mar 30, 2016 13:01 IST
Sun Pharma MD Dilip Shanghvi has said that the acquisition provides the company an opportunity to build a larger product portfolio in the future. (Wikipedia)

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.

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