Nov 26: Drug manufacturing major Sun Pharmaceutical Industries Ltd on Monday announced that Sun Pharma has entered into a definitive agreement to acquire Pola Pharma Inc. (Pola Pharma), a Japanese pharmaceutical company engaged in research and development, manufacture, sale and distribution of branded and generic products in Japan. The portfolio of Pola Pharma primarily comprises dermatology products.
Pola Pharma, part of POLA ORBIS Group, has two manufacturing facilities in Saitama with capabilities to manufacture topical products and injectables. It also has R&D capabilities to develop new technologies and formulations.
Commenting on the development, Kirti Ganorkar, Executive Vice President, Sun Pharma, said, â€œthis 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.â€
Pola Pharma had annual revenues of approximately $ 108 million and net loss of $ 7 million for 12 months ended Dec 2017 on consolidated basis. The equity consideration, on debt free and cash free basis, for the 100% stake in Pola Pharma is approximately $ 1 million.
The transaction is expected to close on or before Jan 31, 2019, subject to completion of closing conditions, according to the company.
Sun Pharma forayed into the Japanese prescription market in 2016 with the acquisition of 14 established prescription brands from Novartis.