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31 March 2016Asia

Sun Pharma buys Novartis prescription brands in Japan

India-based pharmaceutical company Sun Pharmaceutical has acquired 14 prescription brands from Novartis in Japan for $293 million.

Sun Pharma released a statement on Tuesday, March 29, outlining the terms of the agreement.

A wholly owned subsidiary of Sun Pharma will acquire the 14 prescription brands from Novartis.

They cover medical conditions across several therapeutic areas, which have not been named.

According to the agreement, Novartis will continue to distribute the brands for a certain time, which has not been specified, until the transfer of marketing authorisations to the Sun Pharma subsidiary.

A local marketing partner will be responsible for distribution for Sun Pharma.

The estimated annual revenues for the brands are $160 million.

Dilip Shanghvi, managing director of Sun Pharma, 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.”

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