Sun Pharma to sell Ranbaxy's 2 CNS divisions to Strides

Sun Pharma to sell Ranbaxy's 2 CNS divisions to Strides

Sun Pharma to sell Ranbaxy's 2 CNS divisions to Strides

Sun Pharmaceutical Industries, the world's fifth largest specialty generic pharmaceutical company and India’s top pharmaceutical company, has signed an agreement with Strides Arcolab to sell the central nervous system portfolio (CNS) of the erstwhile Ranbaxy Laboratories for Rs 165 crore.

The agreement involves transfer of Solus and Solus Care divisions operating in the CNS segment in India along with employees to Strides for a consideration of Rs 165 crore, Sun Pharma said. As per IMS July 2015 MAT report, all the products of these two divisions together accounted for sales of approximately Rs 92 crore. During the divestment process, Sun Pharma was cognizant that the interests of its employees working in Solus and Solus Care divisions were not compromised, Sun Pharma said.

“The agreement with Strides is part of our strategy to firmly consolidate our CNS business in India. Post successful completion of Ranbaxy’s merger we had an opportunity to assess the entire portfolio of our India business. We have evaluated each and every therapy segment that we are present in and how these businesses can grow going forward,” Sun Pharma India business chief executive officer Abhay Gandhi said.

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