By NewsGram Staff Writer
New Delhi: Sun Pharmaceutical Industries Ltd is selling two divisions in central nervous system (CNS) segment in India of Ranbaxy to Strides Arcolab for Rs 165 crore.
The company said in a statement that Sun Pharma and Strides have entered into a definitive agreement related to erstwhile Ranbaxy’s ‘Solus’ and ‘Solus Care’ divisions operating in the CNS segment in India.
It added that the agreement involved transfer of these two marketing divisions, along with employees to Strides for a consideration of Rs 165 crore.
Sun Pharma CEO-India Business Abhay Gandhi, commenting on development 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, Sun had an opportunity to assess the entire portfolio of its India Business, he added.
“We have evaluated each and every therapy segment that we are present in and how these businesses can grow going forward. Based on this evaluation, we firmly believe that the potential of Solus and Solus Care divisions can be greatly enhanced with the focus that Strides will put in growing them. The divestment will help these divisions, its customers and the team,” Gandhi said.
Strides India President (Brands) Subroto Banerjee said, the acquisition of Solus and Solus Care divisions is of strategic significance to the growth of the company’s branded business in India.
(With inputs from Zee News)