Mumbai: Chandigarh-based Surya Pharmaceuticals on Tuesday said its subsidiary has acquired US-based over-the-counter analgesic drug manufacturer ActivOn for $22 million (about Rs 99 crore).
“Surya Pharma’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,” 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 ActivOn’s established marketing network, which includes leading retailers like Walmart, Walgreen, CVS, Rite Aid, etc, it said.
“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 ActivOn’s distribution set-up,” Surya Pharma CEO Hariom Bhatia said.
Bolstered by the announcement, shares of Surya Pharma jumped by 5% to touch an early high of Rs 30.45 apiece on the BSE.