Sun Pharma buys GSK’s Opiates business in Australia
- Livemint" target="_blank">Livemint
- March 3, 2015
Mumbai: India’s largest drugmaker Sun Pharmaceutical Industries Ltd on Tuesday signed an agreement with GlaxoSmithKline Plc (GSK) to purchase its Opiates business in Australia for an undisclosed amount.
GSK Opiates business including related manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria) and its portfolio products along with inventory will transfer to a subsidiary of Sun Pharma, the companies said in a joint statement.
The product portfolio consists of poppy-derived opiate raw materials that are primarily used in manufacture of analgesics for the treatment of moderate to severe pain.
All employees from both sites will also be offered employment by Sun Pharma with the Opiates business.
“Both Sun Pharma and GSK believe that the future of the Opiates business will be secured as part of Sun Pharma, a company with a global footprint,” the statement said.
The transaction closure is subject to customary closing conditions and requisite regulator and other approvals, and is expected to close by August 2015.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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