Sun Pharma will acquire its Mexican arm's completely by buying out local partner

29 Sep 2023 , 11:08 AM

Sun Pharmaceutical Industries Ltd. announced on Thursday that it would pay its Mexican affiliate MXN 161.85 million (more than Rs 75 crore) to acquire local partner Indi Pharma.

Sun Pharmaceutical Industries reported in a regulatory filing that the firm has signed a legally binding letter of intent to purchase the remaining 25% of the outstanding shares of Sun Pharma de Mexico, SA de CV, a subsidiary where it now holds 75% of the shares.

Indi Pharma S.A.P.I. de CV, a local partner, has the remaining 25%, it was said.

It further said that the acquisition cost was MXN 161.85 million.

The deal will be carried out through a wholly-owned subsidiary called Sun Pharma (Netherlands) B.V., the company said, adding that it would ‘enable Sun Pharma to acquire the balance 25% stake held by the local partner.’

According to the company, Sun Pharma de Mexico SA de CV will turn into a wholly-owned subsidiary of the business after the transaction which is scheduled to be finished by October 31, 2023.

Pharmaceutical product marketing and distribution are two activities that Sun Pharma de Mexico is involved in.

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