Sun Pharma said to be in talks to buy Intas Pharma for $2.3B

By: Pharma News | Views: 21023 | Date: 23-Dec-2015

India's Sun Pharmaceutical Industries is said to be on the hunt again for another major acquisition and is said to be in talks to buy its domestic rival Intas Pharmaceuticals for as much as $2.3 billion.

Sun Pharma said to be in talks to buy Intas Pharma for $2.3B

India's Sun Pharmaceutical Industries is said to be on the hunt again for another major acquisition and is said to be in talks to buy its domestic rival Intas Pharmaceuticals for as much as $2.3 billion.

DealStreetAsia, citing sources, said in an exclusive report that the two companies are discussing a cash and stock deal, which would be Sun's second-largest buyout following its acquisition of Ranbaxy for $4 billion in March.

The report said Sun has hired Kotak Mahindra as its adviser for the deal and Intas has hired a firm based in Mumbai, but did not disclose the name.

Intas Pharma's CFO Jayesh Shah told the news site that the report was "baseless" and they "completely" denied a deal was in the works, while Sun declined to comment.

Intas was created in 1976 in Ahmedabad and makes treatments for a variety of ailments including central nervous system diseases and products in the fields of cardiovascular, gastroenterology, urology, pain management, animal health care, oncology and biotechnology, according to the report.

Intas hopes to become the first Indian company to sell biosimilars to the U.S. market with its Neulasta drug that increases white-cell counts.

Sun has been in the news most recently for several warning letters it has received from the U.S. Food and Drug Administration. Sun and Dr. Reddy's ($RDY) are two of the 7 Indian companies that have received FDA warning letters this year, according to figures cited in a Times of India report. Others include Unimark Remedies, Pan Drugs, Spira Labs, Mahendra Chemicals, Cadila and Micro Labs, the report said.

Sun Pharma is in talks to acquire Ahmedabad-based Intas Pharmaceuticals for around Rs 15,000 crore ($2.3 billion), according to reports by the DealstreetAsia.

The development comes nearly nine months after the Dilip Shanghvi-promoted company completed the merger of Ranbaxy Laboratories.

The DealstreetAsia said Sun Pharma would put in Rs 7,500 crore in cash and issue shares for the remaining amount. This will be the second-largest acquisition for Sun Pharma after the $4-billion takeover of Ranbaxy.

The news boosted the Sun Pharma stock, which ended with gains of 1.29 per cent, or Rs 9.70, at Rs 764.15 on the BSE today.

The stock had come under pressure on Monday after the company disclosed that it had received a warning letter from the US Food and Drug Administration (FDA) for its facility at Halol in Gujarat. The Halol unit contributes around 10 per cent to Sun Pharma's total revenues.

Intas is among the top 15 pharmaceutical companies in the country with a turnover of Rs 5,150 crore for the year ended March.

According to its website, the unlisted company posted a net profit of nearly Rs 614 crore during the year against Rs 526 crore in 2013-14.

The company has a presence in therapies, which include the central nervous system, cardiovascular, diabetology, gastroenterology, urology and pain management. It also has a biologics business that includes biosimilars. The company has commercialised more than 11 biological products.

Intas has made strategic investments in 10 manufacturing facilities globally that have received approvals from various regulators, including the FDA. The company entered the animal health segment in 1997.

A couple of years ago, Temasek had acquired close to a 10.16 per cent stake in Intas through secondary purchase of shares from private equity investor ChrysCapital for an undisclosed amount.

In March this year, Intas announced that it had acquired Spanish company Combino Pharm's hospital businesses in Spain and Portugal through its subsidiary Accord Healthcare.

Last week, Sun Pharma said it had sold its manufacturing unit in Ohio to Nostrum Laboratories for an undisclosed sum as part of the company's consolidation of its manufacturing business in the US.

Sun Pharma's wholly owned subsidiary had entered into an agreement with Nostrum for the divestment of the Bryan (Ohio) unit.

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