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Mr Dilip Shanghvi

Our Bureau

Mumbai, Oct. 26 Sun Pharmaceuticals is confident of closing the Taro transaction, Mr Dilip Shanghvi, Chairman and Managing Director of the company, told analysts.

Outlining the course of events expected on the delayed acquisition process of Israeli generics major Taro by Sun Pharma, he said, Taro has to announce its audited results for 2006 and then seek shareholder approval for the merger proposal from Sun Pharma.

At present, Sun Pharma holds 25 per cent equity in Taro. In May, Sun Pharma had signed an agreement to acquire Taro Pharma in a $454-million deal. The deal, touted to be the second overseas acquisition by an Indian drug company, however, ran into delays with Taro’s minority shareholders alleging that they have been discriminated against.

He also said that Sun Pharma would not raise more funds till the resources at present with the company are used up.

Commenting on the company’s performance during the quarter, he said, growth had been good across the different segments. Patent challenges and the Taro acquisition kept the company management busy, he said.

Sun Pharma’s filing overseas involves a mix of Para I, Para III and Para IV filings, with the last method involving patent challenges. There is also a mix of products that are difficult to make, he said. On an average, the company expects to keep its research spend at 8-10 per cent of sales, the company said.

Between Sun Pharma and its US subsidiary Caraco, the company has 71 filings awaiting approvals, he said.

Sun Pharma has recently got its demerged research entity listed. Between Sun Pharma and the research entity there are 426 patent applications with 74 patents granted, he said.

Listing significant events over the last two months, he said, US approvals were received for generic Protonix, Trileptal and Exelon. Sun Pharma has 180 days of marketing exclusivity that it shares with other companies that sought marketing approval to sell first in the US. While generic Trileptal tablets have been launched, the company is still evaluating all its options for generic Protonix and Exelon, he said.

Sun Pharma shares were up around 4 per cent on the BSE at Rs 1,041.85. on Friday.

More Stories on : Mergers & Acquisitions | Pharmaceuticals | Overseas Investments | Sun Pharmaceutical Industries Ltd

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