Chennai, June 4 : Drug major Sun Pharmaceutical Industries Ltd on Saturday announced divestment of its two oral sold dosage production facilities located in the US for an undisclosed sum.
In a statement, the company including its subsidiaries or associate companies announced it has entered into an agreement with Frontida BioPharm Inc for divestment of its two oral solid dosage manufacturing facilities located at Philadelphia, and Aurora, Illinois along with 15 related pharmaceutical products.
“In connection with the transaction, Frontida has agreed to continue manufacturing certain products for Sun Pharma at these facilities on a contract basis for a predetermined period,” the statement said.
According to Sun Pharma, the buyer – Frontida – has also agreed to offer employment to all production, quality and administrative personnel at the sites.
The impact of this development on Sun Pharma’s consolidated financials and operations is not material. Other details of the transaction are confidential, the statement said.