Sun Pharmaceuticals, India’s largest drug maker by sales, has acquired Novartis’ branded drug portfolio in Japan for $293 million (Rs 1,900 crore). With this, Sun will gain a strong foothold in Japan, the world’s second largest drug market after the US.
The deal also marks Sun’s second association with Japan. It had acquired Ranbaxy Laboratories from Japan’s Daiichi Sankyo in 2014. According to the deal, a wholly-owned subsidiary of Sun Pharma will acquire 14 established prescription brands from Novartis for a cash consideration of $293 million. These brands have a combined annualised revenues of $160 million and address medical conditions across several therapeutic areas. Novartis will continue to distribute these brands, for a certain period, pending transfer of all marketing authorisations to Sun Pharma’s subsidiary.