Drug major Sun Pharma has forayed into the Japanese prescription market by acquiring 14 brands from Swiss drug firm Novartis for $293 million (over Rs 1,940 crore).
According to the agreements signed by the parties, a wholly-owned subsidiary of Sun Pharma will acquire the portfolio consisting of 14 established prescription brands from Novartis for a cash consideration of $293 million, Sun Pharma said in a statement.
"Japan is a market of strategic interest for us. This acquisition marks Sun Pharma's foray into the Japanese prescription market and provides us an opportunity to build a larger product portfolio in the future," Sun Pharma Managing Director Dilip Shanghvi said.
Under the terms of the agreements, Novartis will continue to distribute these brands, for a certain period, pending transfer of all marketing authorisations to Sun Pharma's subsidiary, it added.
The 14 brands have combined annualised revenues of around $160 million and address medical conditions across several therapeutic areas.
As per the December-2015 IMS data, the size of the Japanese pharmaceutical market was estimated at $73 billion, accounting for over 7 per cent of the $1 trillion global pharmaceutical market.