India-based drugmaker Sun Pharmaceutical Industries has signed a definitive agreement to acquire Pola Pharma, a Japan-based pharma firm involved in the research, development, manufacture, and sale of branded and generic products.
The $1m deal will enable Sun to bolster its global dermatology business. Pola Pharma’s portfolio primarily consists of dermatology products.
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Pola Pharma, a part of Pola Orbis Group, reported a net loss of $7m on consolidated revenue of $108m in fiscal year 2017. It has two manufacturing facilities in Saitama and has capabilities to manufacture topical products and injectables.
The deal is slated to close by 31 January 2019 subject to closing conditions.
Sun Pharma executive vice-president Kirti Ganorkar said: “This acquisition is in line with our strategy to strengthen our global dermatology presence.
“Pola Pharma is a leading dermatology company and it will help us to launch our speciality and generic dermatology products in the Japanese market in future. We also get access to local manufacturing capability enabling us to serve the Japanese pharmaceutical market more effectively.”
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By GlobalDataSun Pharma country head of Japan Junichi Nakamichi said: “By combining Sun Pharma’s global strengths with Pola Pharma’s local expertise, we will have a great opportunity to further strengthen our presence in Japan, especially in the area of dermatology.”
Sun Pharma entered into the Japanese prescription market in 2016 with the purchase of 14 prescription brands from Novartis.
The Japanese pharmaceutical market is estimated to be worth $84.8bn according to IQVIA Market Prognosis of September 2017.
Sun Pharma owns 42 manufacturing units located in India, Canada, US, Russia, Israel, Bangladesh, Hungary, Romania, South Africa, Malaysia, Nigeria and Australia. Approximately 68% of its sales come from overseas markets.
