India's Sun sells Ranbaxy CNS marketing units to Strides Arcolab

Sun Pharma managing director Dilip Shanghvi

India's Sun Pharmaceutical Industries has sold two legacy Ranbaxy Laboratories units to Strides Arcolab as part of a July announcement that it would trim noncore businesses from the portfolio. In a press release, Sun said the units fetched INR1.650 billion ($25 million) for the Ranbaxy's Solus and Solus Care divisions that handle CNS products. Sun is undergoing a major restructuring telegraphed ahead of earnings that saw net profit plunge 60% in the first quarter of its financial year as it absorbed costs from its takeover of Ranbaxy earlier in 2015. Release