After its $3.2-billion acquisition of Ranbaxy, Sun Pharmaceuticals has announced its buyout of US-based Pharmalucence Inc, by one of its subsidiaries.
According to a statement, Pharmalucence, a sterile injectable capacity in the US, was acquired by one of SUn's US subsidiaries. Pharmalucence, a leading manufacturer of radiopharmaceuticals, has developed a few injectables indicated for cancer treatment.
Sun Pharma stock was at Rs 744.75, up by 0.82% on Wednesday.
Sun Pharma, the largest Indian drug maker by value, was in the news after its all-share transaction to buy struggling Ranbaxy in the biggest pharmaceutical sector deal in the Asia-Pacific region in 2014. With Ranbaxy buyout, Sun became the world's fifth-largest maker of generic drugs.
Pharmalucence is engaged in contract and private label formulation development and manufacturing services of non-cytotoxic human injectables in either liquid or lyophilized form. In mid-2007, Pharmalucence was created via the management buy-out of CIS-US (incorporated in 1985 to commercialise medical applications from isotopic technologies by three long-term employees to become both contract manufacturing organization (CMO) and a leading manufacturer of radiopharmaceuticals.)
In 2011 and 2012, Pharmalucence received FDA approval for two new indications for its Sulfur Colloid product. Sulfur Colloid is indicated to assist in the localization of lymph nodes draining a primary tumor in patients with breast cancer or malignant melanoma.
For the year ending March 2014, overall revenues of Sun were at $2.7 billion, of which US contributed $1.6 billion. In India, the company has strong presence in niche therapy areas of psychiatry, neurology, cardiology, nephrology, gastroenterology, orthopedics and ophthalmology. In March, the USFDA banned imports from Sun Pharma's Karkhadi plant in Gujarat for violation of manufacturing norms.