Sun Pharma Monday said it will acquire Japan-based Pola Pharma for around $1 million to strengthen its presence in dermatology segment across the globe.
The company has entered into a definitive agreement to acquire Pola Pharma, which is engaged in research and development, manufacture, sale and distribution of branded and generic products in Japan, Sun Pharmaceutical Industries said in a statement.
Pola Pharma’s portfolio mainly comprises dermatology products. It has two manufacturing facilities in Saitama with capabilities to manufacture topical products and injectables.
It also has R&D capabilities to develop new technologies and formulations.
“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 launch our speciality and generic dermatology products in the Japanese market in future,” Sun Pharma executive vice-president Kirti Ganorkar said.
Sun Pharma Japan country head Junichi Nakamichisaid said that by combining its global strengths with Pola Pharma’s local expertise, the company will have a great opportunity to further strengthen its presence in Japan, especially in dermatology.
Pola Pharma had an annual revenue of around $108 million and net loss of $7 million for the 12 months ended December 2017 on consolidated basis.
“The equity consideration, on debt-free and cash-free basis, for the 100% stake in Pola Pharma is around $1 million,” Sun Pharma said.
The transaction is expected to close on or before January 31, 2019, subject to completion of closing conditions, it added.