India's largest drug maker Sun Pharma has sold off its Bryan unit in Ohio as part of its consolidation of manufacturing units in the United States.
Shares of Sun Pharma gained nearly 2 per cent after the drug major said it has sold its manufacturing unit to Nostrum Laboratories Inc for an undisclosed sum.
Sun Pharma said in a statement that as 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. The company said that during the divestment process, Sun Pharma was cognizant that the interests of its employees working in the unit were not compromised.
Sun Pharma's decision to divest the Ohio facility comes just few months after the company announced that it will be divesting its facility in Ireland. That facility was owned by Ranbaxy. Sun completed the $4 billion acquisition of Ranbaxy in March, almost a year after announcing the deal.
The divestment process picks up pace on the heels of Sun Pharma Managing Director Dilip Shanghvi saying that the company would look at rationalising manufacturing footprint.
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