The development comes nearly nine months after the Dilip Shanghvi-promoted company completed the merger of Ranbaxy Laboratories. The DealstreetAsia said Sun Pharma would put in Rs 7, crore in cash and issue shares for the remaining amount. The news boosted the Sun Pharma stock, which ended with gains of 1. The Halol unit contributes around 10 per cent to Sun Pharma's total revenues.
The two companies said that while both parties had invested considerable time and resources into the JVthey had decided to wind down the venture "due to changes in the strategic priorities of both the parent companies".
The JV was originally set up to tap into Sun's product development experience and combine it with Merck's clinical development and registration expertise to focus on 'innovative' branded generics intended to enhance convenience for patients.
Sun said it would continue to work with Merck known as MSD outside the US and Canada on other projects including the co-marketing partnership for diabetes drug sitagliptin in India and the global development programme for interleukin inhibitor tildrakizumab.
The announcement comes a few weeks after the FDA issued a warning letter to Sun Pharma about its Halol facility in Gujarat, India, indicating that efforts to correct quality failures at the plant - identified during a inspection by the US regulator - were unsatisfactory.
The problems at the plant caused the FDA to withdraw approval of Elepsia XR levetiracetaman extended-release version of the epilepsy drug that had been due for launch in the US later this year.
The deficiencies at the Halol facility were also cited among the reasons for the FDA's rejection of the Indian company's marketing application for Xelpros latanoprost last August. Sun Pharma said last week that it would ask the FDA to re-inspect the Halol facility, suggesting that is confident of showing improvements that would reduce the threat of an FDA import ban for products made at the plant.Sun Pharma is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
A vertically integrated business, economies of scale and an extremely skilled team enable us to deliver quality products in a timely.
The generic companies were Aspen, Aurobindo, Cipla, Dr Reddy’s, Fresenius Kabi, Lupin, Macleods, Mylan, Sun Pharma and Teva. Access to Medicine is an Amsterdam-based NGO that receives funding from the UK Government, the Bill & Melinda Gates Foundation and the Dutch Ministry of Foreign Affairs.
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See full prescribing information for. The Dollar Business Bureau. Mumbai-based pharmaceutical company Sun Pharma has acquired a branded oncology product, Odomzo (sonidegib), from Novartis after making an upfront payment of $ million (about Rs crore) and some additional milestone payments.