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Sun Pharma shares gain on completing acquisition of Opiates business in Australia

Shares of Sun Pharmaceutical Industries gained over 1.5 per cent in the morning trade on Tuesday after the company announced that it has successfully completed the acquisition of Opiates business in Australia from GSK.

Sun Pharma shares gain on completing acquisition of Opiates business in Australia
The agreement involved transfer of these two marketing divisions, along with employees to Strides, for Rs 165 crore. (PTI)

Shares of Sun Pharmaceutical Industries gained over 1.5 per cent in the morning trade on Tuesday after the company announced that it has successfully completed the acquisition of Opiates business in Australia from GSK. The announcement was made before market hours on Tuesday.

At 11.06 pm, the share price of Sun Pharmaceutical was trading 1.73 per cent higher at Rs 913.20. It opened at Rs 889 and had touched a high and low of Rs 915.30 and 883.40, respectively, in trade so far. The BSE Sensex was down 181.71 points at 26,101.38.

In a BSE filing, the company said, “This acquisition fortifies Sun Pharma’s global position with two Opiates manufacturing facilities in Port Fairy & Latrobe (both in Australia) complementing its current API manufacturing footprint globally.”

Sun Pharma now offers a rich basket of Opiates product line in addition to a large API portfolio and dosage formulations covering a broad range of chronic and acute prescription drugs. The acquisition also brings a specialized team to drive business growth.

For the quarter ended June 2015, the company reported a consolidated net profit of Rs 478.96 crore, down 65.56 per cent against Rs 1,390.51 crore in the corresponding quarter a year ago.

Sun Pharma shares closed 0.34 per cent higher at Rs 900.75.

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