Sun Pharmaceutical Industries Ltd, India's top drugmaker, has agreed to sell a plant in the US to Nostrum Laboratories Inc for an undisclosed amount.
The world's fifth-largest specialty generic pharmaceutical company said in a stock market disclosure that it has divested the Bryan, Ohio, plant as a going concern along with the employees and related products. The Indian company held the plant through a wholly owned unit.
The divestment is a part of its efforts to consolidate its manufacturing operations in the US.
Sun Pharma had bought the plant, where it makes creams, ointments and liquids, in 2004.
The Indian company, which completed the all stock-acquisition of Ranbaxy early this year, has been actively consolidating its business partly as a part of operational strategy and also to meet regulatory norms.
Recently, it signed an agreement with Strides Arcolab Ltd to sell the erstwhile Ranbaxy’s marketing divisions Solus and Solus Care for Rs 165 crore ($23.9 million). The two divisions operated in the central nervous system segment in India. This was to meet competition concerns related to Ranbaxy's acquisition.
The pharmaceutical firm has 48 manufacturing facilities in five continents. Leave Your Comment