Surya Pharma acquires US-based OTC analgesic brand ActivOn in $22 million deal
28 Dec 2010
Integrated pharma manufacturing company Surya Pharmaceuticals Ltd has acquired ActivOn, a leading OTC analgesic drug brand in the US with global marketing rights, as part of a $22 million deal.
Chandigarh-based Surya Phama said the deal was struck through Surya Pharma (Singapore) Ltd, which acquired Ameshire Investment Corp that held the rights to the drug brand.
The acquisition was funded through internal accruals and debt financing from Exim Bank, Surya Pharma said in statutory filing with the Bombay Stock Exchange (BSE).
ActivOn is a leading OTC analgesic brand in the tropical analgesic category in the US market. It is used to provide relief from muscle and joint pain associated with arthritis, backache, strains, bruises and sprains.
Through the acquisition, the company also adds brands such as Preferon, Firston and Renewin. Surya would also get global marketing rights of Headon, another leading brand outside the US.
"This acquisition will not only entitle us to ready shelf space with leading retailers like Walmart, Walgreen, CVS, RiteAid etc, but also would be instrumental in establishing our presence in the US markets. Our presence in the coming years would offer active opportunity to launch our OTC/ FMCG products using ActivOn's distribution set-up," said Hariom Bhatia, CEO of Surya Pharma.