Sun Pharma In the Process of Buying out local partner in Mexican arm

Sun Pharmaceutical Industries Ltd announced an MXN 161.85 million (about Rs 75 crore) acquisition of local partner Indi Pharma from its Mexican branch. Sun Pharmaceutical Industries stated in a regulatory filing that it has signed a binding letter of intent to buy the remaining 25% of the outstanding shares of Sun Pharma de Mexico, SA de CV, a subsidiary in which it now owns 75%. Indi Pharma S.A.P.I.

De CV has the remaining 25%, according to the company.It noted that the deal cost MXN 161.85 million. "The acquisition enables Sun Pharma to acquire the balance 25 per cent stake held by the local partner," the company said, adding it would be done through a wholly-owned subsidiary Sun Pharma (Netherlands) B.V. The acquisition is likely to be completed by October 31, 2023, and after that, Sun Pharma de Mexico SA de CV will become a wholly-owned subsidiary of the company, it said.

Sun Pharma de Mexico is engaged in the marketing and distribution of pharmaceutical products in Mexico, as per PTI. Sun Pharmaceutical Industries Ltd. (Sun Pharma) is the world's fourth biggest speciality generic pharmaceutical firm with over US$ 5.1 billion in revenue. We supply high-quality, affordable medications trusted by healthcare professionals and patients to more than 100 countries throughout the world, backed by more than 40 production facilities.