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Money Dec 18, 2012

Sun Pharma rises 3% on acquisition of US firm URL Pharma

Shares in Sun Pharmaceutical Industries, India's most valued drugmaker, rose as much as 2.5 percent after its unit agreed to buy the generic drugs business of US-based URL Pharma from Japan's Takeda Pharmaceutical Co.

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 for $230 million.

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

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 US 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.

Reuters


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