New Delhi, Sep 1 (PTI) Drug major Sun Pharmaceutical Industries has completed the acquisition of GlaxoSmithKline's opiates business in Australia.
This acquisition fortifies the company's position with two opiates manufacturing facilities in Port Fairy and Latrobe (both in Australia) complementing its API manufacturing footprint globally, Sun Pharma said in a statement.
The company has started the integration of opiates business after completion of the deal, which would strengthen its position in global market and expand its narcotics raw material (NRM) market share, it added.
Sun Pharma's CEO of API Business Anil Kumar Jain said: "... completion of this acquisition enables us to leverage our unique position in the global opiates business by capitalising our global footprint and global ranking in the speciality generics market.
Sun Pharma stays committed to uncompromised product quality, 100 per cent compliance and innovation." The acquisition will also enhance the opiate alkaloids portfolio of the company and depth in global opiates market, Sun Pharma said.
Over the last few months, the Opiates and Sun Pharma teams put together a transition plan to oversee the implementation of the functional integration of Opiates business, it added.
On March 3, Sun Pharma had announced that it would acquire GlaxoSmithKline's Opiates business in Australia for an undisclosed amount.
The GSK's Opiates business product portfolio consists of poppy-derived opiate raw materials that are primarily used in the manufacture of analgesics for the treatment of moderate to severe pain.
As per the agreement, GSK was to transfer manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria) and its portfolio of opiates products along with inventory, to a subsidiary of Sun Pharma.
Sun Pharmaceutical's Shares were trading at Rs 906.50 on BSE in the afternoon trade, up 0.98 per cent.