In September last year, Sun Pharma and Strides signed an agreement related to erstwhile Ranbaxy's 'Solus' and 'Solus Care' divisions that are into central nervous system (CNS) segment in India.
Strides Shasun today got CCI’s approval to acquire Sun Pharmaceutical’s two business divisions in India for Rs 165 crore.
In September last year, Sun Pharma and Strides signed an agreement related to erstwhile Ranbaxy’s ‘Solus’ and ‘Solus Care’ divisions that are into central nervous system (CNS) segment in India.
The agreement involves transfer of these two marketing divisions along with employees to Strides for a consideration of Rs 165 crore.
The Competition Commission of India (CCI) in a tweet said it has approved “acquisition of certain assets and business of Sun Pharmaceutical by Strides Shasun Limited.”
Sun Pharma had said as per IMS July 2015 MAT report, all the products of these two divisions together accounted for about Rs 92 crore in sales.
Strides India President (Brands) Subroto Banerjee had said, the acquisition of Solus and Solus Care divisions is of strategic significance to the growth of the company’s branded business in India.
“The rich product portfolio and capable teams of these two divisions will help us establish a strong footing in the fast growing CNS market of India,” he had said, adding the product portfolio of Strides and these divisions will strategically complement each other very well.
Last year, Sun Pharma had also announced plans to sell a manufacturing facility in Ireland that was owned by Ranbaxy as part of a rationalisation programme post completion of their USD 4 billion merger.