Sun Pharma divests Ohio unit

MUMBAI: India's largest drug maker Sun Pharma has sold its Bryan unit in Ohio to Nostrum laboratories as part of its consolidation of manufacturing units in the United States.

"As part of the agreement, the Sun Pharma subsidiary has divested this unit as a going concern along with the employees and related products to Nostrum", Sun Pharma said in a statement to stock exchanges. "While other details of the transaction are confidential, the financial impact of this development on Sun Pharma is negligible", it added. Sun Pharma's decision to divest the Ohio facility comes just few months after the company announced that it will be divesting its facility in Ireland.

On Monday shares of Sun Pharma closed at Rs 768 up by 1.39% at the Sensex.