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Sun Pharmaceutical gains on divestment of US unit

The company has entered into agreement with Nostrum for divestment of Bryan (Ohio) unit in the US

Sun Pharmaceutical gains on divestment of US unit
SI Reporter Mumbai
Last Updated : Dec 15 2015 | 11:32 AM IST
Shares of Sun Pharmaceutical Industries was up 1% on the Bombay Stock Exchange after the company announced sale of its US manufacturing unit.

As part of the manufacturing consolidation in the US, one of the wholly-owned subsidiaries has entered into an agreement with Nostrum Laboratories Inc., for the divestment of the Bryan (Ohio) unit in the US, the company said in a release.

As a part of the agreement, the Sun Pharma subsidiary has divested this unit as a going concern along with the employees and related products to Nostrum, the release added.

The stock opened at Rs 777 and touched a high of Rs 781. At 11:30am, over 1.5 million shares were traded on both the stock exchanges.

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First Published: Dec 15 2015 | 11:30 AM IST

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