Sun Pharma shares rise on U.S. acquisition

Tue Dec 18, 2012 12:25pm IST

Related Topics

Stocks

   

REUTERS - Shares in Sun Pharmaceutical Industries(SUN.NS), India's most valued drugmaker, rose as much as 2.5 percent after its unit agreed to buy the generic drugs business of U.S.-based URL Pharma from Japan's Takeda Pharmaceutical Co (4502.T).

This is Sun Pharma's second acquisition in the United States within two months after it decided to buy skin treatment firm Dusa Pharmaceuticals Inc DUSA.O for $230 million.

Sun Pharma did not disclose the deal value and said late on Monday the deal was subject to regulatory approvals.

Upon completion of the deal, Sun Pharma's U.S. subsidiary Caraco Pharmaceutical Laboratories will own and manage URL Pharma's generic assets other than Colchicine, a drug used to treat swelling and pain in certain conditions.

Takeda had acquired URL Pharma for an upfront payment of $800 million in June last year with a provision for possible additional payments based on future performance.

Valued $13.72 billion, shares in Sun Pharmaceutical Industries were up 2.3 percent at 738 rupees by 0610 GMT in a Mumbai market that was up 0.1 percent.

(Reporting by Kaustubh Kulkarni in MUMBAI; Editing by Sunil Nair)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Earnings Season

Earnings Season

Reliance Q4 sales rise, refining margin narrows.  Read 

Literary Giant Dies

Literary Giant Dies

Nobel winner Garcia Marquez, master of magical realism, dies at 87.  Full Article 

Election 2014

Election 2014

India holds biggest day of voting with BJP gaining strength  Full Article | Full Coverage 

Insider Trading

Insider Trading

Ex-Goldman director Gupta starts prison term on June 17.  Full Article 

Market Eye

Market Eye

Sensex jumps 351 points, snaps 3-day losing streak  Full Article 

Expansion Plans

Expansion Plans

Reliance Industries, HPCL Mittal plan refinery expansions.  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage