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This is an archive article published on December 28, 2010

Surya Pharma arm buys US8217; ActivOn

Surya Pharmaceuticals said its subsidiary has acquired US-based ActivOn for Rs 99 crore.

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Chandigarh-based Surya Pharmaceuticals today said its subsidiary has acquired US-based over-the-counter analgesic drug manufacturer ActivOn for USD 22 million about Rs 99 crore.

8220;Surya Pharma8217;s wholly owned subsidiary,Surya Pharmaceutical Singapore Pte Ltd,has acquired ActivOn,a leading OTC over-the-counter analgesic drug brand in the USA,with global marketing rights,8221; the company said in a filing to the Bombay Stock Exchange.

The acquisition was financed through a mix of internal accruals and debt from EXIM Bank,the filing added.

Through the acquisition,Surya Pharma will be able to market its products in the US through ActivOn8217;s established marketing network,which includes leading retailers like Walmart,Walgreen,CVS,Rite Aid,etc,it said.

8220;This acquisition will be instrumental in establishing our presence in the US markets,which would offer an attractive opportunity to launch our OTC/FMCG products using ActivOn8217;s distribution set-up,8221; Surya Pharma CEO Hariom Bhatia said.

Bolstered by the announcement,shares of Surya Pharma jumped by 5 per cent to touch an early high of Rs 30.45 apiece on the BSE.

 

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