| The company had earlier completed a fund raising program of accelerated five-year zero coupon FCCBs for $275 million priced at Rs 729.30 "" a 50 per cent premium over the November 17 closing price "" with 4.61 per cent per annum yield to maturity, subject to a greenshoe option of up to $75 million, which has now been launched. |
| The Sun Pharma scrip closed up 1.26 per cent at Rs 500 on the Bombay Stock Exchange. |
| This takes the total amount to raised via the FCCB issue to $350 million. The pharma giant has the approval of shareholders for the issue of FCCBs up to $350 million. |
| The company will use the funds for its aggressive acquisition plans in the US market. |
| "FCCBs enable us to seriously look at acquisition opportunities in the US market space. So far, the response to the FCCB affirms the faith that the market has in our capability to deliver steady revenues and execute outlined strategy," Dilip Sanghvi, chairman and managing director, Sun Pharma, said. He refused to comment on the company's overseas acquisition plans. |
| These bonds are expected to be listed on the Singapore Stock Exchange. J P Morgan is the book runner and Jemyn Capital Partners Plc is the co-manager of the issue. |
| At present, Sun Pharma has a presence in the US generic market though a subsidiary, Caraco Pharm Labs. Sun has also recently made seven filings for the US market from an Indian site. |
| Recently, Sun Pharma has strengthened its initiatives in research by commissioning two new research sites across 250,000 square feet and hiring 220 scientists in the existing research team of around 200. Sun Pharma also aims to invest about $15 million in research and development in each of the next two years. |
| The company is engaged in manufacturing and marketing of speciality medicines and active pharmaceutical ingredients for chronic therapy areas such as cardiology, psychiatry, neurology, gastroenterology. |
| It is ranked fifth amongst all Indian pharma companies with a 3.24 per cent market share, as per the IMS-ORG Retail Store Audit, September 2004. |
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