Drug major Sun Pharma today said it has entered into an alliance with Mitsubishi Tanabe Pharma Corporation for distribution of 14 brands that it acquired from Swiss drug firm Novartis in Japan earlier this year for USD 293 million.
The company said it has initiated a phased transfer of manufacturing and marketing rights of the 14 prescription brands.
"Through this alliance, we have the opportunity to leverage Mitsubishi Tanabe Pharma Corporation's specialised expertise to create a strong business foundation for us in Japan," Sun Pharma Japan President and Representative Director Isao Muramatsu said in a statement.
Sun Pharma will focus on expanding its sales channels in Japan's pharmaceutical market while continuing to ensure a stable supply of medicines and healthcare information, he added.
The company said the brands will be transferred from Novartis Pharma KK to Sun Pharma's subsidiary in Japan, starting October 2016.
"Following the transfer of manufacturing and marketing rights to Sun Pharma's subsidiary in Japan, Mitsubishi Tanabe Pharma Corporation will market and distribute all the 14 brands as well as provide information on their proper use to healthcare professionals," the company added.
In March, Sun Pharma forayed into Japanese prescription market by acquiring 14 brands from Novartis for USD 293 million (over Rs 1,940 crore).
Under the terms of the agreements, Novartis was to continue distributing these brands, for a certain period, pending transfer of all marketing authorisations to Sun Pharma's subsidiary.
The 14 brands have combined annualised revenues of around USD 160 million and address medical conditions across several therapeutic areas.
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