Drug major Sun Pharma has received approval from competition watchdog CCI to sell the erstwhile Ranbaxy Laboratories’ two divisions in the central nervous system (CNS) segment in India to Strides Shasun for Rs 165 crore.
The company has received an order under the Competition Act, 2002, from the Competition Commission of India (CCI) approving the proposed transaction, Sun Pharmaceutical Industries said in a regulatory filing.
“With this approval, all necessary regulatory approvals have been obtained,” it added.
Last year in September, Sun Pharma and Strides Shasun (then Strides Arcolab) had inked a pact related to Ranbaxy’s ‘Solus’ and ‘Solus Care’ divisions operating in the central nervous system (CNS) segment in India.
The agreement involved transfer of these two marketing divisions, along with employees to Strides, for Rs 165 crore.
Sun Pharma acquired Ranbaxy Laboratories in a USD 4 billion deal in 2014.
The Sun Pharma stock today ended at Rs 790.05 on BSE, up 2.17 per cent from its previous close. PTI MSS ARD 01221705