Country’s largest drug maker, Sun Pharmaceutical Industries Limited announced that the it has entered into a definitive agreement to acquire Pola Pharma Inc., a Japanese pharmaceutical company engaged in research and development, manufacture, sale and distribution of branded & generic products in Japan.
Sun Pharmaceuticals forayed into the Japanese drug market in 2016 with the acquisition of 14 established prescription brands from Novartis. The size of the Japanese pharmaceutical market is approximately at USD 84.8 billion, accounting for about 7.5 percent of the USD 1.13 trillion global pharmaceutical markets.
Shares of Sun Pharmaceutical Industries rose over 2% in early morning trade on bourses, however, during mid-session the shares the pharma major were trading at Rs.483 per share, down over 5 percent on BSE and NSE. Meanwhile, Sensex and Nifty were little changed at 35,319 and 10,614 respectively.