Sun Pharmaceutical Industries and global pharmaceutical major GSK, on Tuesday, announced an agreement, whereby Sun will acquire GSK’s opiates business in Australia.
A joint statement by the two companies said that their respective wholly-owned subsidiaries had reached an agreement related to GSK’s opiates business in Australia.
According to the agreement, the current GSK opiates business, including related manufacturing sites in Latrobe (in the State of Tasmania) and Port Fairy (in the State of Victoria) and its portfolio of opiates products along with inventory, will transfer to a subsidiary of Sun Pharma. GSK’s product portfolio consists of poppy-derived opiate raw materials, used primarily in the making of analgesics to treat moderate to severe pain.
The statement said all employees from both sites would be offered employment by Sun.
The transaction is expected to allow GSK to simplify its operations in Australia and allow it to focus on delivering its innovative product portfolio that will be central to the company’s growth strategy there.
Details of the transaction were not disclosed, but it is expected to close by August, subject to customary closing conditions and requisite regulatory and other approvals.
Sun Pharma has an established footprint in Australia.
“The global opiates market holds good potential and the addition of GSK’s opiates business will strengthen our positioning further,” Sun Pharma Executive Vice President (API business) Iftach Seri said in a statement.
“The acquisition is a part of our strategy towards building our portfolio of opiates and accessing strong capabilities in this segment,” the statement added.
