Sun Pharma shares up over 2 pc; m-cap rises by Rs 4,238 cr

Shares of Sun Pharma rose by over 2 per cent today as the drug major forayed into the Japanese prescription market by acquiring 14 brands from Swiss drug firm Novartis for USD 293 million (over Rs 1,940 crore).
The stock ended the day at Rs 811.60, up 2.21 per cent on BSE. During the day, it gained 2.63 per cent to Rs 815.
At NSE, shares of the company climbed 2.18 per cent to close at Rs 811.70.
The company added Rs 4,238.23 crore to reach Rs 1,95,325.23 crore in market valuation.
According to the agreements signed by the parties, a wholly-owned subsidiary of Sun Pharma will acquire the portfolio consisting of 14 established prescription brands from Novartis for a cash consideration of USD 293 million, Sun Pharma said in a statement.

"Japan is a market of strategic interest for us. This acquisition marks Sun Pharma's foray into the Japanese prescription market and provides us an opportunity to build a larger product portfolio in the future," Sun Pharma Managing Director Dilip Shanghvi said.
The 14 brands have combined annualised revenues of around USD 160 million and address medical conditions across several therapeutic areas.