 "Frontida BioPharm buys Sun Pharma's two US facilities")
The Mumbai-based pharma major Sun Pharmaceutical Industries Ltd has sold off two of its manufacturing sites located at Philadelphia (Pennsylvania), and Aurora (Illinois) in the US to Frontida BioPharm Inc. “As a part of its manufacturing consolidation in the US, one of its wholly owned subsidiaries has entered into an agreement with Frontida BioPharm Inc for divestment of its two oral solid dosage manufacturing facilities located at Philadelphia, Pennsylvania, and Aurora, Illinois both in the US, along with 15 related pharmaceutical products,” said Sun Pharma in a press statement on June 4, 2016.
In connection with the transaction, Frontida has agreed to continue manufacturing certain products for Sun Pharma at these facilities on a contract basis for a predetermined period. It has also agreed to offer employment to all production, quality and administrative personnel at the sites. “During the divestment process, Sun Pharma was cognisant about ensuring the continued supply of quality products to patients and protecting the interests of its employees working in these units,” it added.
The US market contributed $ 2.1 billion to Sun Pharma’s consolidated revenues of approximately $ 4.3 billion for 12 months ending March 2016.
In connection with the transaction, Frontida has agreed to continue manufacturing certain products for Sun Pharma at these facilities on a contract basis for a predetermined period. It has also agreed to offer employment to all production, quality and administrative personnel at the sites. “During the divestment process, Sun Pharma was cognisant about ensuring the continued supply of quality products to patients and protecting the interests of its employees working in these units,” it added.
The US market contributed $ 2.1 billion to Sun Pharma’s consolidated revenues of approximately $ 4.3 billion for 12 months ending March 2016.