Sun Pharmaceutical Industries said on Monday it will acquire Israel-based Taro Pharmaceutical Industries Ltd, a multinational generic manufacturer, in an all cash deal for $454 million.
This is a good opportunity for Sun and Taro to work together to create increasing value and add a complimentary multinational organisation to Sun's business," Sun Pharmaceutical Chairman and Managing Director Dilip Shanghvi said.
Sun Pharmaceutical would fund this $454 million acquisition with internal accruals and proceeds from its earlier $350 million foreign currency convertible bonds issue, Sun Pharmaceutical said in a filing to BSE.
Showing posts with label India - Pharmaceuticals. Show all posts
Showing posts with label India - Pharmaceuticals. Show all posts
Monday, May 21, 2007
Sunday, May 20, 2007
Dr. Reddy labs reported a revenue of $1.5 billion
Hyderabad, May 18-2007: Emerging as the largest pharmaceuticals company by sales in India, Dr Reddy’s Laboratories Ltd., on Friday reported a revenue of $1.5 billion (Rs 6,509 crore) in 2006-07, an increase of 168 per cent over the previous year’s $563 million (Rs 2,400 crore). The NYSE-listed Dr Reddy’s posted a net profit of $216 million in 2006-07, against the $38 million in the previous-year.
The quantum jump in sales was driven by the authorised generics segment, which contributed 24 per cent of the total revenues. The Hyderabad-based company launched two authorised generics — of Merck’s Proscar and Zocor—in the US market during the year.
"Dr Reddy’s has just emerged as the largest pharmaceuticals company in India, and we expect revenues to be over $1 billion in 2007-08, and again become the largest in 2008-09," Dr Reddy said. "It is a very humble achievement. I believe that the greatest contribution this company has made is that it is rooted in this country. We helped in making medicine affordable to a lot of Indians. We prevented people from profiteering on essential drugs," Dr Reddy said.
The quantum jump in sales was driven by the authorised generics segment, which contributed 24 per cent of the total revenues. The Hyderabad-based company launched two authorised generics — of Merck’s Proscar and Zocor—in the US market during the year.
"Dr Reddy’s has just emerged as the largest pharmaceuticals company in India, and we expect revenues to be over $1 billion in 2007-08, and again become the largest in 2008-09," Dr Reddy said. "It is a very humble achievement. I believe that the greatest contribution this company has made is that it is rooted in this country. We helped in making medicine affordable to a lot of Indians. We prevented people from profiteering on essential drugs," Dr Reddy said.
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