Sun Pharma acquires US-based Chattem Chemicals

Sun Pharmaceutical today said it has acquired US-based drug ingredients manufacturer Chattem Chemicals for an undisclosed amount.     

The American subsidiary of Sun Pharma has bought Chattem Chemicals from Elcat Inc, the domestic drug firm said in a filing to the Bombay Stock Exchange.     

However, the financial details of the transaction were kept undisclosed. The acquisition is subject to clearance from regulatory authorities, the filing added.     

"This acquisition reflects our strategic resolve to be a more active player in the pain management segment in the US," Sun Pharma Chairman and MD Dilip Sanghvi said.   
   
This is Sun Pharma's third acquisition in the US.

In 2005, the company had acquired a facility in Hungary that manufactures controlled substance active pharmaceutical ingredients (APIs). The same year it had acquired a manufacturing site in New Jersey.     

Chattem is a registered narcotic raw material importer with the US Drug Enforcement Administration and manufactures a variety of active pharmaceutical ingredients.

The firm has an estimated sale of $26 million in the year to June 2008, the Mumbai-based company said.     

Sun Pharma was trading at Rs 1,094, up 1.72 per cent in afternoon trade on the BSE.