Sun Pharmaceutical announced to buy GlaxoSmithKline's opiates business in Australia
Sun Pharmaceutical announced to buy GlaxoSmithKline's opiates business in Australia.
Dilip Shanghvi led Sun Pharmaceutical Industries Ltd on 3 March 2015 announced to buy GlaxoSmithKline's opiates business in Australia.
As per the deal, GSK's opiate facilities in Latrobe in Tasmania) and Port Fairy in Victoria will be transferred to a subsidiary of Sun Pharma along with GSK’s portfolio of opiates products along with inventory.
However, Sun Pharma will retain the staff at both the facilities.
The acquisition is part of the Sun Pharma's plan to improve its presence in the pain management segment and GSK's plan to exit the non-core business, that is, it will allow GSK to focus its innovative products that will be central to the company's growth strategy in Australia.
Poppy industry of Australia is the world's largest legal supplier of pharmaceutical grade opiates for painkillers.
GSK is one of three firms that control the crop and production in Tasmania and supplies a quarter of the world's medicinal opiate needs from poppies grown by farmers in Tasmania.