Updated:28 Apr 2017 03:31:00 PM(IST)
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|Sun Pharmaceuticals Industries announces divestment of US manufacturing unit|
|Sun Pharmaceuticals Industries announced that as a part of its manufacturing consolidation in the US, one of its wholly owned subsidiaries has entered into an agreement with Nostrum Laboratories Inc. (Nostrum) for the divestment of the Bryan (Ohio) unit in the US.
As a part of the agreement, the Sun Pharma subsidiary has divested this unit as a going concern along with the employees and related products to Nostrum. During the divestment process, Sun Pharma was cognizant that the interests of its working in the unit were not compromised.
While other details of the transaction are confidential, the financial impact of this development on Sun Pharma is negligible.