Sun Pharma plans expansion in US and large emerging markets

NEW DELHI: Sun Pharmaceuticals Industries on Friday said it is open to acquisitions in both developed and emerging markets to fuel growth.

"While organic growth is firmly in place... we also remain interested in inorganic opportunities in developed markets mainly in USA and in other large emerging markets," Sun Pharmaceutical Industries Chairman and Managing Director Dilip Shanghvi said today during an investor call.

The large emerging markets would be countries like Brazil, Mexico,Russia and China, Shanghvi said, adding, "We would like to buy a sizeable company rather than a small one".

The company had earlier completed the acquisition of Israel-based Taro Pharmaceutical Industries on September 20, 2010 after protracted legal battle for USD 454 million.

During the first quarter this fiscal, total income of Sun Pharmaceuticals Industries stood at Rs 1,635.72 crore as compared to Rs 1,365.06 crore in the corresponding period an year ago.

The company has posted a consolidated net profit of Rs 501 crore for the first quarter ended June 30, 2011.

In the first quarter, the company has filed six abbreviated new drug applications (ANDAs), Sun Pharma said.

Counting these, cumulatively ANDAs for 383 products have been filed by Sun Pharma and Taro with the USFDA out of which 151 are awaiting approval, Shanghvi said.

Shares of Sun Pharmaceuticals Industries were trading at Rs 519.80 in the afternoon trade on the Bombay Stock Exchange (BSE), up 0.27 per cent from previous close.