Page 11 - Sun Pharma

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Sun Pharma to buyout local partner Indi Pharma in Mexican subsidiary

Sun Pharmaceutical Industries Ltd on Thursday said it will buy out local partner Indi Pharma from its Mexican arm for MXN 161.85 million (over Rs 75 crore). The company has signed a binding letter of intent to acquire the balance 25 per cent outstanding shares of Sun Pharma de Mexico, SA de CV, a subsidiary where it currently holds 75 per cent shares, Sun Pharmaceutical Industries said in a regulatory filing. The balance of 25 per cent is held by local partner Indi Pharma S.A.P.I. de CV, it added. The cost of acquisition is MXN 161.85 million, it added. "The acquisition enables Sun Pharma to acquire the balance 25 per cent stake held by the local partner," the company said, adding it would be done through a wholly-owned subsidiary Sun Pharma (Netherlands) B.V. The acquisition is likely to be completed by October 31, 2023, and after that, Sun Pharma de Mexico SA de CV will become a wholly-owned subsidiary of the company, it said. Sun Pharma de Mexico is engaged in the marketing an

LIC sells 2% shares in Sun Pharma via open market sale, stake now at 3.012%

The transaction was done via open market sale and the stake was sold between July 22 and September 13

Sun Pharma unit inks pact with US firm to introduce drug to treat stroke

Sun Pharmaceutical Industries on Thursday said one of its wholly-owned subsidiary unit has tied up with US-based Pharmazz Inc to commercialise a drug used to treat cerebral ischemic stroke in India. One of the company's wholly-owned subsidiaries has entered into a license agreement with the US-based biopharmaceutical company to commercialise a first-in-class innovative drug, Tyvalzi, in the country, the Mumbai-based drug major said in a statement. Developed by Pharmazz for potential global use, Sovateltide, is indicated for treating cerebral ischemic stroke. As per agreement terms, Sun Pharma is granted rights for marketing Sovateltide in India under the brand name Tyvalzi (Sovateltide), the company said. Pharmazz will be entitled to upfront and milestone payments, including royalties, it added. "The Phase 3 clinical trial for Tyvalzi conducted in India demonstrated statistically and clinically meaningful improvement in neurological outcomes in ischemic stroke," Sun Pharma India .

Sun Pharma, Pharmazz enter agreement to introduce Sovateltide in India

Sun Pharma said in a filing that it has been granted rights for marketing Sovateltide in India under the brand name Tyvalzi

Sun Pharma aims to spend 7-8% of sales on R&D activities this fiscal

Sun Pharmaceutical Industries Ltd aims to spend 7-8 per cent of its sales in the current fiscal on research and development activities as it looks to further strengthen its product portfolio across therapeutic segments, a senior company official said on Monday. Addressing shareholders during the Annual General Meeting (AGM), Managing Director Dilip Shanghvi said the company did well in all its geographies last fiscal, recording double-digit growth. "Our R&D spending is expected to be 7-8 per cent of sales in 2023-24 with an increasing share of spending in specialty (drug segment) R&D," Shanghvi said. The Mumbai-based drug maker had reported a global consolidated revenue of Rs 433 billion in FY23. The Mumbai-based drug major spent about Rs 2,400 crore on R&D in 2022-23, which accounted for about 5.5 per cent of the sales as it continued to invest product pipeline for both global generics and specialty businesses. Shanghvi said the expansion of its global specialty business .

Taro stake buyout to help operate dermatology biz profitably: Sun Pharma

Sun Pharma is looking to fully acquire its Israel-based unit Taro Pharmaceutical Industries in order to integrate the dermatology business with itself and keep it profitable amid increasing competition in the segment, according to Managing Director Dilip Shanghvi. The Mumbai-based drug major has proposed to fully acquire Taro through a reverse triangular merger. The company has issued a letter to the Taro board with a proposal containing a non-binding indication of interest to acquire all of the outstanding ordinary shares for a purchase price of USD 38 per ordinary share in cash. Sun Pharma currently owns around 78 per cent stake in Taro. "My own assessment is that the dermatology business, which is the primary focus for Taro, is a business under constant, increasing competition pressure," Shanghvi said in an analyst call. He further said: "And as a stand-alone company, it will be very difficult for Taro as an independent company to continue to operate that business profitably. S

Sun Pharma Q1 PAT dips 2% on one-time expense; US revenues up 12%

Sun Pharma's stock ended flat at Rs 1140.85 on the BSE

Sun Pharma Q1 net profit drops 2% YoY, Revenue up 11%; US sales at $471 mn

Sun Pharma Q1 results: The net profit was reported after accounting for an exceptional loss of Rs 323 crore. EBITDA margin for Q1 came at 27.9 per cent over 26.8 per cent reported in Q1FY23

Sun Pharma Q1 profit may be weighed by weak US generic sales and Taro nos

Sun Pharma Q1 results: The company's Q1 net profit could dip fractionally by 0.15 per cent to Rs 2,058 crore against Rs 2,061 crore reported a year ago

Domestic drug makers Sun Pharma, Alembic recall drugs in US market

Domestic drug makers Sun Pharma and Alembic are recalling products in the US market due to manufacturing issues, according to the US Food and Drug Administration (USFDA). As per the US health regulator's latest Enforcement Report, the Mumbai-based drug major is recalling 12,336 bottles of Buprenorphine Sublingual tablets, used for treating opioid use disorder, in the American market. Sun Pharmaceutical Industries Inc, the US-based arm of the company, is recalling the affected lot (8 mg, 30 count-bottles) due to CGMP (Current Good Manufacturing Practice) deviations, the USFDA stated. The company initiated the CLass II voluntary recall on May 3 this year. Sun Pharma is also recalling 7,313 bottles of Methylphenidate Hydrochloride tablets, used to treat attention deficit hyperactivity disorder, in the US market. New Jersey-based Sun Pharmaceutical Industries Inc is recalling the lot due to the "presence of foreign substance: metal embedded in a tablet", the USFDA stated. The company

With biz well positioned, Sun Pharma eyes high single-digit revenue growth

Sun Pharma is looking at high single-digit growth in its consolidated topline this fiscal on the back of robust performance from all its business verticals, according to company's Managing Director Dilip Shanghvi. The Mumbai-based company had reported a consolidated revenue of Rs 43,278 crore in 2022-23. "All our businesses are well-positioned, and we expect high-single-digit consolidated topline growth for FY24," Shanghvi informed shareholders through company's Annual Report for 2022-23. He noted that the global pharmaceutical industry remains quite dynamic, and always buzzing with new avenues for capital deployment. Pursuing any one of these options can place considerable pressure on the balance sheet, he added. "Success is not guaranteed, and it is important for us that we remain thoughtful and selective in deciding which options to pursue. However, we will not shy away from making disproportionate investments to grow our businesses, should an opportunity present itself," Shangh

Divis Lab, Sun Pharma: Current breakout may lead Pharma index to new peak

Pharm index has broken out on upside, with the positive rally anticipated to hit 14,450

DRL enters trade generics, aims to be among top five players in market

Exploring strategic collaborations in the country, says pharma firm

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Stocks to watch on June 20, 2023: From HDFC AMC to Adani Transmission, here are few stocks to watch in Tuesday's trading session

Pharmacists have finger on pulse of small towns as demand increases

The Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) is another major reason for the growth in demand for medicines in smaller towns

Sun Pharma's growth prospects look healthy; analysts positive on the stock

Majority of analysts positive on the stock; their average target price indicates an upside potential of 15 per cent

Sun Pharma receives China NMPA's nod for treatment of plaque psoriasis

Ilumetri is indicated for the treatment of adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy

Sun Pharma, Philogen join hands to commercialise skin cancer drug in Europe

Sun Pharmaceutical Industries on Tuesday said it has entered into a licensing pact with Philogen SpA to commercialise under-development skin cancer drug in Europe, Australia and New Zealand. The companies have come together to commercialise Philogen's speciality product Nidlegy, an anti-cancer biopharmaceutical currently in Phase III clinical trials, Sun Pharma said in a statement. Philogen, a Swiss-Italian firm, is developing it for the treatment of melanoma and non-melanoma skin cancers. Under the terms of the agreement, the Mumbai-based drug major will have exclusive rights to commercialise Nidlegy. Philogen will complete pivotal clinical trials for the product in Europe, pursue marketing authorisation with the regulatory authorities and manufacture commercial supplies. The two partner companies will share post-commercialisation economics in about a 50:50 ratio, the drug major said. While other financial terms were not disclosed, Philogen will retain the IP rights for Nidlegy