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Eyeing for acquisitions in Brazil, Mexico, Russia: Sun Pharma

The company, however, is not looking at big ticket acquisitions

Press Trust of India  |  New Delhi 

Drug major Sun Pharmaceutical Industries is eyeing for acquisitions in countries such as Brazil, Mexico and Russia, with a view to enhance presence in these emerging markets.

The company, however, is not looking at big ticket acquisitions as it is primarily focusing on developing access and presence.

"We would have interests in countries like Brazil, Mexico or Russia. There we would look at relatively modest acquisitions with a view to develop access and presence," Managing Director Dilip Shanghvi told analysts in a conference call.

already sells branded generics in these markets, although recently it has set up manufacturing plants in Mexico and Brazil.

In an e-mailed response, the company said its emphasis was on registering more complex generics, such as anticancer injectables, where it was one of the few in the market.

"In each of these markets our presence is quite small compared to the potential of the market," it added.

Shanghvi, however, noted that the company's primary focus remained the US market.

"Our primary focus continues to be investments in the US or markets where investments we have made have been most productively utilised," he said.

During the first quarter ended June 30, 2012, the company's US formulations sales grew by 105% at USD 285 million, accounting for 57% of total sales.

Sales of Caraco, a US-based subsidiary of Sun Pharma, increased by 185% during the first quarter ended June 30, 2012, as against the same period of 2011-12 fiscal.

Another of its units, Taro Pharmaceuticals posted sales of USD 159 million for the first quarter of FY13, up 43% from the corresponding quarter last year.

acquired Taro Pharmaceutical Industries, an Israeli drug-maker, in 2010 and currently holds 66% stake in the company.

The Mumbai-based firm reported a net profit of Rs 795.55 crore for the first quarter ended June 30. Net sales of the company rose to Rs 2,658.14 crore during the quarter.

First Published: Sun, August 12 2012. 11:15 IST