Sun Pharma climbs on completion of acquisition of GSK's opiates business

The company successfully completed of the acquisition of GSK's opiates manufacturing facilities in Australia

Shares of pharma major Sun Pharma are trading higher by nearly 2% at Rs 914 in a subdued market following the successful completion of the acquisition of GSK's opiates manufacturing facilities in Australia. CLICK FOR FULL STORY

Opiates which comprise of narcotics raw materials are classified as controlled substances and are used to manufacture pain killers.

The company said that this acquisition fortifies Sun Pharma’s global position with two opiates manufacturing facilities in Port Fairy and Latrobe (both in Australia), complementing its current API manufacturing footprint globally in a filing to the BSE.

The release also stated that Sun Pharma will now offer a rich basket of opiates product line in addition to a large API portfolio and dosage formulations covering a broad range of chronic and acute prescription drugs.

The stock opened at Rs 889 and touched a high of Rs 915.30 on the BSE.