Sun Pharmaceutical Industries Ltd has purchased Pola Pharma Inc., a Japanese drug-maker for a sum of US$1 million. Pola Pharma Inc is a part of the Pola Orbis group, which is primarily engaged in research and development, manufacture, sale and distribution of branded and generic products, primarily in dermatology.
Kirti Ganorkar, executive vice-president of Sun Pharma, in a statement, said: “This acquisition is in line with our strategy to strengthen our global dermatology presence. Pola Pharma is a leading dermatology company and it will help us to launch our speciality and generic dermatology products in the Japanese market in future.”
“We also get access to local manufacturing capability enabling us to serve the Japanese pharmaceutical market more effectively,” she added. Pola Pharma which has annual revenue of approximately $108 million, has two plants in Saitama, Japan, which can manufacture topical products and injectables.
Sun Pharma stated that the size of the Japanese pharmaceutical market is estimated around $84.8 billion, which accounts for approx 7.5% of the $1.13 trillion global pharmaceutical markets, thus this acquisition will boost the India company’s presence into the Japanese market.
Sun Pharma also added that Pola Pharma was valued on a debt-free and cash-free basis and the deal is expected to close on or before 31 January, which is subject to terms and condition. Pola Pharma posted a net loss of $7 million on a consolidated basis in the prior year.