Looking for larger acquisitions in key markets: Sun Pharma

Nov 09 2012, 16:24 IST
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SummaryA day after announcing the $230 million deal to buy a US-based company, Sun Pharmaceutical Industries said it is looking forward to larger acquisitions as a part of its expansion plans.

A day after it announced the USD 230 million deal to buy a US-based company, Sun Pharmaceutical Industries today said it is looking forward to larger acquisitions as a part of its expansion plans.

"We continue to look for opportunities to expand our business in all the key geographies and markets we are focused on. We are looking at acquiring businesses hopefully larger then DUSA going forward," Sun Pharma Managing Director Dilip Shanghvi said in a conference call.

As part of its expansion plans the company had yesterday inked a pact to acquire US- based DUSA Pharmaceuticals for around USD 230 million (around Rs 1,250 crore).

DUSA Pharmaceuticals is a dermatology company focused on developing and marketing its Levulan photodynamic therapy platform.

The company also said it is revising its revenue growth guidance upwards to 30-32 per cent for the fiscal year ending March 2013.

The company had earlier said that sales would grow 18-20 per cent in FY13.

Sun Pharma scrip was trading at Rs 703.60 on the BSE, up 1.07 per cent from its previous close.

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