Sun Pharma To Acquire German Drug Maker Stada
Sun Pharmaceutical is planning acquisitions in Europe and is in talks with German drug maker Stada Arzneimittel AG.
The overseas acquisition is a part of strategic move to broaden its geographic breadth. Sun Pharma has followed a strategy of acquiring under-performing or unprofitable companies and merging their operations to its company.
The company is planning to raise $1 Bn for the acquisitions as the market value of the German drug maker is around $1.7 Bn. Sun Pharma has about $927 Mn cash on its balance sheet.
Sun Pharm already has controlling stakes in 10 companies, including Israel’s Taro Pharmaceutical Industries which was acquired in 2010.
Founded in 1895, Stada focuses on products with off-patent active pharmaceutical ingredients in the health care and, in particular, in the pharmaceutical market. It has strong presence in European. The company has made number of acquisitions including, Serbia’s Hemofarm Koncern AD in 2006 for 480Mn Euros.
Recently, Lupin Limited was planning to acquire drug brands in US and Japan to reduce reliance on less profitable generic medicines.
Piramal Healthcare was planning to acquire U.S.-based Cambridge Major Laboratories Inc, a contract drug manufacturer for $200 Mn after its recent acquisition of US based Decision Resources LLC, a health information-management company for $635 Mn.
It also acquired the molecular imaging development portfolio of Bayer Pharma AG.
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