Sun Pharma completes sale of 2 Ranbaxy divisions to Strides for Rs 165 crore

Sun Pharmaceutical Industries on Monday said it has completed the process of selling two divisions of erstwhile Ranbaxy Laboratories to Strides Shasun for Rs 165 crore.

All the necessary formalities for closure of the said transaction have been completed and the aforesaid transaction has been successfully closed on February 1, 2016, Sun Pharma said in a regulatory filing.

Last month, the drug major had received an order from the Competition Commission of India (CCI) approving the proposed transaction for selling two divisions in the central nervous system (CNS) segment in India.

Last year, Sun Pharma and Strides Shasun (then Strides Arcolab) had inked a pact related to Ranbaxy's 'Solus' and 'Solus Care' divisions operating in the central nervous system (CNS) segment in India.

The agreement involved transfer of these two marketing divisions, along with employees to Strides, for Rs 165 crore.

Sun Pharma acquired Ranbaxy Laboratories in a $4 billion deal in 2014.

Sun Pharma stock today ended at Rs 870.20 on BSE, down 2.80% from its previous close.