Sun Pharmaceutical Industries lost 5.07% to Rs 484.75 at 11:45 IST on BSE, with the stock reversing initial gains triggered after announcing acquisition of Pola Pharma in Japan.
The announcement was made after market hours yesterday, 26 November 2018.Meanwhile, the S&P BSE Sensex was down 23.49 points, or 0.07% to 35,330.59
On the BSE, 16.47 lakh shares were traded in the counter so far compared with average daily volumes of 5.71 lakh shares in the past two weeks. The stock had hit a high of Rs 521.20 and a low of Rs 474.65 so far during the day. The stock hit a 52-week high of Rs 678.80 on 6 September 2018. The stock hit a 52-week low of Rs 434.80 on 22 May 2018.
Sun Pharmaceutical Industries (Sun Pharma) including its subsidiaries and/or associate companies, announced that Sun Pharma has entered into a definitive agreement to acquire Pola Pharma Inc. (Pola Pharma), a Japanese pharmaceutical company engaged in research and development, manufacture, sale and distribution of branded and generic products in Japan. The portfolio of Pola Pharma primarily comprises dermatology products. The transaction is expected to close on or before 31 January 2019, subject to completion of closing conditions.
Pola Pharma, part of POLA ORBIS Group, has two manufacturing facilities in Saitama with capabilities to manufacture topical products and injectables. It also has R&D capabilities to develop new technologies and formulations.
Pola Pharma had annual revenues of approximately US$108 million and net loss of US$7 million for 12 months ended December 2017 on consolidated basis. The equity consideration, on debt free and cash free basis, for the 100% stake in Pola Pharma is approximately US$1 million.
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In a separate announcement made after market hours yesterday, 26 November 2018, Sun Pharma and one of its wholly-owned subsidiaries entered into settlements with certain plaintiffs in the In re Modafinil Antitrust Litigation matter pending in the United States District Court for the Eastern District of Pennsylvania. The settlements extend to all claims brought by the Direct Purchaser Plaintiffs. The terms of the settlements are confidential, Sun Pharma said.
Sun Pharmaceutical Industries reported consolidated net loss of Rs 108.84 crore in Q2 September 2018 as compared to net profit of Rs 1001.79 crore in Q2 September 2017. Total income rose 5.56% to Rs 7288.78 crore in Q2 September 2018 over Q2 September 2017.
Sun Pharma is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
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