Sun sells CNS divisions of former Ranbaxy for Rs 1,650 mn

The transaction is subject to approval from the Competition Commission of India and other customary closing conditions

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Sun Pharmaceutical recently announced that it has entered into a definitive agreement with Bangalore-based pharma company Strides Arcolab, to sell erstwhile Ranbaxy's Solus and Solus Care divisions operating in the central nervous system (CNS) segment in India.

In 2014, Sun acquired Daiichi Sankyo's Ranbaxy for a $4 billion deal.

The acquisition was completed by Sun in March 2015 after facing a few merger-related regulatory hurdles.

This new agreement involves transfer of the two marketing divisions, along with employees to Strides for a consideration of Rs 1,650 million.

According to Sun, as per IMS July 2015 MAT report, all the products of these two divisions together accounted for approximately Rs 920 million in sales.

 

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