Sun Pharma has agreed to acquire 14 established prescription brands from Novartis in Japan in a deal valued at $293m.
As per the agreed terms, the company will acquire products that have combined annualised revenues of around $160m. These products are said to address medical conditions across several therapeutic areas.
With this acquisition, Sun Pharma will enter the Japanese pharmaceutical market estimated at $73bn, accounting for more than 7% of the $1tn global pharmaceutical market.
Sun Pharma managing director Dilip Shanghvi said: "Japan is a market of strategic interest for us. This acquisition marks Sun Pharma’s foray into the Japanese prescription market and provides us an opportunity to build a larger product portfolio in the future."
Novartis will, however, continue to distribute these brands, for a certain period, pending transfer of all marketing authorisations to Sun Pharma’s subsidiary.
The acquired brands will be marketed by a reliable and established local marketing partner under the Sun Pharma label. The marketing partner will also be responsible for distribution of the brands.
In September last year, Sun Pharm agreed to acquire US eye care firm InSite Vision as part of a $48m deal.
InSite Vision is focused on developing new specialty ophthalmic products, including three late-stage programmes and the acquisition will help Sun Pharma, which is in the process of establishing a branded ophthalmic business in the US.
Sun Pharma currently operates 49 manufacturing facilities across six continents, R&D centres across the globe.
Image: Sun Pharma’s global presence is supported by 49 manufacturing facilities across six continents. Photo: courtesy of Sun Pharmaceutical Industries.