Sun Pharmaceutical Industries Ltd, India’s largest pharmaceutical company by market capitalisation, has revived its overseas acquisition activity by snapping US-based Pharmalucence Inc for an undisclosed amount.
Pharmalucence was created in 2007 through a management buy-out of CIS-US by three top executives of the firm. CIS-US was incorporated in 1985 to commercialise medical applications from isotopic technologies developed by its European parent.
The company is into radiopharmaceuticals and contract manufacturing of human injectables.
Pharmalucence received approval of its first new product, the hepatobiliary imaging agent generic Mebrofenin, in 2008. Five years ago, it received approval for its generic Sestamibi, an agent used in millions of myocardial perfusion imaging studies annually.
In 2011 and 2012, Pharmalucence received FDA approval for two new indications for its Sulfur Colloid product. Sulfur Colloid is now indicated to assist in the localisation of lymph nodes draining a primary tumor in patients with breast cancer or malignant melanoma when used with a hand-held gamma counter.
For Sun Pharma this deal marks a return to overseas inorganic growth after almost two years. The firm has been pretty active in buying companies abroad including large deals such as Taro Pharmaceuticals and DUSA.
After a pause in 2013, it announced a mega deal to buy Ranbaxy in India. The proposed all stock transaction is in the process.
For the year ending March 2014, overall revenues were $2.7 billion, of which US contributed $1.6 billion. In India, the company is a leader in niche therapy areas of psychiatry, neurology, cardiology, nephrology, gastroenterology, orthopedics and ophthalmology. It has strong skills in product development, process chemistry, and manufacturing of complex dosage forms.
(Edited by Joby Puthuparampil Johnson)