Sun Pharma to acquire Japan firm for $1mn

Sun Pharmaceutical Industries Ltd has bought Japanese drugmaker Pola Pharma Inc. for $1 million as part of plans to strengthen its global presence in dermatology. Part of Pola Orbis group, Pola Pharma is engaged in the research and development, manufacture, sale and distribution of branded and generic products, primarily in dermatology. It has two plants in Saitama, Japan, which can manufacture topical products and injectables, and has annual revenues of approximately $108 million. Kirti Ganorkar, Executive Vice-president of Sun Pharma, said in a statement: “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.” Pola Pharma will help Sun launch its speciality and generic dermatology products in Japan in future, he added. Pola Pharma was valued on a debt-free and cash-free basis, Sun Pharma said, adding it will buy 100 per cent of the Japanese firm's equity. The deal is expected to close on or before 31 January, subject to completion of closing conditions.