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

Jan Dhan Yojana

REUTERS SHOWCASE

Japan Trip

Japan Trip

Modi eyes breakthrough nuclear pact on Japan trip.  Full Article 

Chance For Reform

Chance For Reform

India's coal crunch - a chance to revamp, reallocate and revive.  Full Article 

E-Commerce

E-Commerce

Ratan Tata invests in online retailer Snapdeal.  Full Article 

Top Priority

Top Priority

Finance minister says food inflation is top priority.  Full Article 

Deal Talk

Deal Talk

Who wants to buy Snapchat? Microsoft, Google, Apple, Alibaba.  Video 

Fresh Funding

Fresh Funding

Tiger Global leads $65 million funding in Indian messaging app Hike.  Full Article 

GDP Preview

GDP Preview

Economy likely grew faster in June quarter: Reuters poll.  Full Article 

Safety Net

Safety Net

SEBI revamps trading safety-net rules.  Full Article 

Fraud Investigation

Fraud Investigation

IMF's Lagarde put under investigation in French fraud case.  Full Article 

Reuters India Mobile

Reuters India Mobile

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