Sun Pharmaceutical Industries ltd is selling erstwhile Ranbaxy's two divisions in central nervous system (CNS) segment in India to Strides Arcolab for Rs165 crore.
Sun Pharma and Strides have entered into a definitive agreement related to erstwhile Ranbaxy’s 'Solus' and 'Solus Care' divisions operating in the central nervous system (CNS) segment in India, the company said in a statement. The agreement involves transfer of these two marketing divisions, along with employees to Strides for a consideration of Rs165 crore, it added.
Commenting on the development, Sun Pharma CEO–India Business Abhay Gandhi said: “The agreement with Strides is part of our strategy to firmly consolidate our CNS business in India.”
Post successful completion of Ranbaxy's merger, Sun had an opportunity to assess the entire portfolio of its India Business, he added.
