Sun Pharma, a Mumbai-based pharmaceutical company, has acquired 14 established prescription brands from Novartis AG and Novartis Pharma AG in Japan for a cash consideration of $293 million. The acquisition marks Sun Pharma’s foray into the Japanese prescription drug market.

A wholly owned subsidiary of Sun Pharma will acquire the portfolio consisting of 14 established prescription brands that have combined annualized revenues of approximately $160 million. Under the terms of the agreements, Novartis will continue to distribute these brands, for a certain period, pending transfer of all marketing authorizations to Sun Pharma's subsidiary. The acquired brands will be marketed by a local marketing partner under the Sun Pharma label. The local marketing partner will also be responsible for distribution of the brands.

Source: Sun Pharma