Mumbai: Sun Pharmaceutical Industries has acquired multinational drug maker GlaxoSmithKline's opiates business in Australia. However, the deals of the deal have not been disclosed.
GSK's out-going product portfolio consists of poppy-derived opiate raw materials that are primarily used in the manufacture of analgesics for the treatment of moderate to severe pain.
The transaction is expected to be completed by August 2015, pending regulatory approvals.
GSK Opiates business includes manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria) and its portfolio of opiates products along with inventory, will transfer to a subsidiary of Sun Pharma.
All employees from both sites will also be offered employment by Sun with the opiates business, it added.
Both Sun Pharma and GSK believe that the future of opiates business will be secured as part of Sun Pharma, a company with a global footprint.