Sun Pharma buys US injectables company

MUMBAI (TIP): Drugmaker Sun Pharmaceutical Industries has acquired Boston-based Pharmalucence Inc for an undisclosed sum. The latter has a sterile injectables facility and research capabilities in the US. Sun Pharma’s latest acquisition comes within months of its $4 billion proposal (in April) to acquire troubled drug company Ranbaxy.

That transaction is awaiting regulatory and other approvals. Sun’s acquisition of Pharmalucence will help strengthen its presence in the sterile injectables segment, since the manufacturing unit is close to the market, said Ranjit Kapadia, Senior Vice-President of Centrum Broking. Pharmalucence has around 100 professionals, he said, and regulatory approvals for its new facility are expected to come through this year. On Wednesday, Sun Pharma shares closed marginally higher, at Rs. 743, on the BSE.

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