Sun Pharma acquires Japan's Pola Pharma

New Delhi: Drug major Sun Pharma Thursday said it has completed acquisition of Japan-based Pola Pharma to strengthen its presence in dermatology segment across the globe.

The acquisition of 100 per cent shares of Pola Pharma Inc Japan by the company's wholly owned subsidiary has been concluded, Sun Pharma said in a BSE filing.

Sun Pharma had 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, it said in a regulatory filing dated 26 November 2018.

Pola Pharma's portfolio mainly comprises dermatology products. It has two manufacturing facilities in Saitama with capabilities to manufacture topical products and injectables, it added.

Sun Pharma had forayed into the Japanese prescription market in 2016 with the acquisition of 14 established prescription brands from Novartis.

Shares of Sun Pharmaceutical closed at Rs 435.35 per scrip on the BSE, down 1.12 per cent from its previous close.