March 3, 2015 / 3:56 AM / 4 years ago

India's Sun Pharma to buy GSK's opiates business in Australia

MUMBAI, March 3 (Reuters) - Sun Pharmaceutical Industries Ltd, India’s largest drugmaker by sales, said on Tuesday it has agreed to buy GlaxoSmithKline’s opiates business in Australia.

The business includes two manufacturing sites in Tasmania and Victoria, and consists of poppy-derived opiate raw materials mainly used to make analgesics for pain treatment.

Financial details of the deal were not disclosed.

“The acquisition is a part of our strategy towards building our portfolio of opiates and accessing strong capabilities in this segment,” Iftach Seri, executive vice president of the active pharmaceuticals ingredients business at Sun Pharma, said in a statement. (Reporting by Zeba Siddiqui in Mumbai; Editing by Sunil Nair)

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