Mumbai: Sun Pharmaceutical Industries Ltd has said that its unit had acquired 100% of US-based narcotic producer and importer Chattem Chemicals Inc for an undisclosed sum.
Chattem operates a manufacturing facility at Tennessee, manufacturing active pharmaceutical ingredients, with a focus on controlled substances. Its sales for the year ended June are estimated at $26 million.
This acquisition brings us a business that holds import licences for concentrated poppy straw among several other narcotic products, Sun said in a statement.
The acquisition will give us a better launch pad in the US for our controlled substance business, the company said.
In 2005, Sun acquired a manufacturing facility in Hungary to make controlled substance for pharmaceutical use and another in New Jersey to make controlled substances finished dosages.
The controlled substance formulation product market is estimated at $6 billion, Sun said.