Sun Pharma to sell 2 plants to Frontida BioPharm
The Dollar Business Bureau
Sun Pharmaceutical on Monday announced that it is planning to sell its two oral solid dosage manufacturing plants to Frontida BioPharm Inc in the United States.
“Frontida has agreed to continue manufacturing certain products for Sun Pharma at these facilities on a contract basis for a predetermined period. It has also agreed to offer employment to all production, quality and administrative personnel at the sites,” Gurgaon-based pharma company said in a statement.
“The effect of this deal on Sun Pharmaceutical’s overall financials and activities is not material,” it added.
The drug major also stated it was aware about ensuring the continued supply of quality products to patients during the divestment process.
This is the second divestment by Sun Pharma in the US in the last six months. Earlier last year, the company had divested its manufacturing plant in Ohio State to Nostrum Laboratories.
The total shares of the company on Saturday were trading at around Rs.738.25 compared to Rs.746.85 in the previous close.
Sun Pharma is the world's fifth-largest specialty generic pharmaceutical company and India's top pharmaceutical company.