Gains a strong entry point in the Indian CNS market
Mumbai & Bangalore, India: September 19, 2015 - Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715, Sun Pharma) and Strides Arcolab Ltd. (Reuters: STAR.NS, Bloomberg: STAR.IN, NSE: STAR, BSE: 532531, Strides) today announced that they have entered into a definitive agreement related to erstwhile Ranbaxy's 'Solus' and 'Solus Care' divisions operating in the central nervous system (CNS) segment in India.
The agreement involves transfer of these two marketing divisions, along with employees to Strides for a consideration of Rs. 1,650 million. As per IMS July 2015 MAT report, all the products of these two divisions together accounted for approximately Rs. 920 million in sales. During the divestment process, Sun Pharma was cognizant that the interests of its employees working in Solus and Solus Care divisions were not compromised.
Commenting on the transaction, Abhay Gandhi, CEO – India Business, Sun Pharma said, "The agreement with Strides is part of our strategy to firmly consolidate our CNS business in India. Post successful completion of Ranbaxy's merger we had an opportunity to assess the entire portfolio of our India Business. We have evaluated each and every therapy segment that we are present in and how these businesses can grow going forward. Based on this evaluation, we firmly believe that the potential of Solus and Solus Care divisions can be greatly enhanced with the focus that Strides will put in growing them. The divestment will help these divisions, its customers and the team."
Subroto Banerjee, President – Brands, India of Strides said, "The acquisition of Solus and Solus Care divisions is of strategic significance to the growth of our branded business in India. The rich product portfolio and capable teams of these two divisions will help us establish a strong footing in the fast growing CNS market of India. The product portfolio of Strides and these divisions will strategically complement each other very well. The specialty nature of CNS products makes brand equity and customer relationships, key determinants of success. The Solus and Solus Care divisions readily qualify for both these parameters. We look forward to welcoming the employees of these divisions to the Strides family and working together with the team members in future growth path of Strides."
The transaction is subject to approval from the Competition Commission of India and other customary closing conditions. All other terms and conditions of the transaction are confidential.
About Sun Pharmaceutical Industries Ltd. (CIN - L24230GJ1993PLC019050)
Sun Pharma is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company. A vertically integrated business, economies of scale and an extremely skilled team enable us to deliver quality products in a timely manner at affordable prices. It provides high-quality, affordable medicines trusted by customers and patients in over 150 countries across the world. Sun Pharma's global presence is supported by 48 manufacturing facilities spread across 5 continents, R&D centres across the globe and a multi-cultural workforce comprising over 50 nationalities. The consolidated revenues for 12 months ending March 2015 are approximately US$ 4.5 billion, of which US contributes US$ 2.2 billion. In India, the company enjoys leadership across 13 different classes of doctors with 30 brands featuring amongst top 300 pharmaceutical brands in India. Its footprint across emerging markets covers over 100 markets and 6 markets in Western Europe. Its Global Consumer Healthcare business is ranked amongst Top 10 across 4 global markets. Its API business footprint is strengthened through 12 world class API manufacturing facilities across the globe. Sun Pharma fosters excellence through innovation supported by strong R&D capabilities comprising about 2,000 scientists and R&D investments of over 7% of annual revenues. For further information please visit www.sunpharma.com
Registered Office : SPARC, Tandalja, Vadodara – 390 020. India
Corporate Office : SUN HOUSE, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400 063, India.
About Strides Arcolab Ltd. (CIN - L24230MH1990PLC057062)
Strides Arcolab, listed on the Bombay Stock Exchange Limited (532531) and National Stock Exchange of India Limited (STAR), is a global pharmaceutical Company headquartered in Bangalore, India that develops and manufactures a wide range of IP-led niche pharmaceutical products. The Company has 8 manufacturing facilities and presence in more than 75 countries in developed and emerging markets. Additional information is available at the Company's website at www.stridesarco.com.
Registered Office: 201, Devavrata, Sector 17, Vashi, Navi Mumbai 400 703, India
Corporate Office: Strides House, Bannerghatta Road, Bangalore 560 076, India
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