The product portfolio consists of poppy-derived opiate raw materials that are primarily used in the manufacture of analgesics for the treatment of moderate to severe pain. All employees from both sites will also be offered employment by Sun, according to a company statement.
Iftach Seri, executive vice president of the API business at Sun Pharma, said “The global opiates market holds good potential and the addition of GSK’s Opiates business will strengthen our positioning further. The acquisition is a part of our strategy towards building our portfolio of opiates and accessing strong capabilities in this segment.”
The transaction closure is subject to requisite regulatory and other approvals, and is expected to be completed by August 2015.
Mumbai-based Sun Pharmaceuticals earns over 75% of its sales from global markets. For the year ending March 2014, overall revenues were at $ 2.7 billion, of which the US contributed $ 1.6 billion.