Sun Pharma shares rise on U.S. acquisition
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)
- Tweet this
- Share this
- Digg this
- Missing jet may have strayed toward Andaman Sea - Malaysian air force
- Malaysia seeks India's help in search for missing airliner
- "Small, encouraging signs" in Michael Schumacher's condition - agent
- Malaysia says last sighting of plane possibly off west coast
- Coastguards from Andaman and Nicobar islands join lost Malaysian jet search
India's flagging economy delivered rare good news on Wednesday with a slight expansion of industrial production and further cooling in consumer prices, offering some respite to the ruling coalition before next month's general election. Article | Expert views