Mumbai, December 16, 2015: In its third divestment announcement in three months, drugmaker Sun Pharmaceutical has decided to sell its Bryan (Ohio) unit in the US to Nostrum Laboratories Inc. The size of the deal was not disclosed.
The decision was part of its manufacturing consolidation in the US, Sun said, as one of its wholly owned subsidiaries agreed to divest the unit as a going concern along with the employees and related products to Nostrum. Sun had acquired the Ohio facility in 2005 to target opportunities in liquids and semisolids.
In July, Sun Managing Director Dilip Shanghvi had laid out the roadmap on divestment when he told analysts that they would discontinue non-strategic assets, following its $4 billion merger of Ranbaxy.
In September, Sun put its Ireland facility on the block, following it up with an agreement to sell two units marketing central nervous system products to Strides Arcolab for ₹165 crore
The sale of the Ohio unit, Sun said, would have a “negligible” impact on it.-BusinessLine
Corporate Comm India(CCI Newswire)
