Sun Pharma eyes tie-ups in Europe

DRUG major Sun Pharmaceuticals Industries Ltd is looking for partnerships in the European market to fuel its next level of growth in the international arena.

The company, however, has dropped its plans to raise funds of about $350 million through a foreign currency convertible bond issue. To support the company's domestic and export plans, an investment of about Rs 100 crore has been earmarked towards beefing up capacity.

A bulk of the amount would go into capacity expansion at Sun Pharma's facilities in Panoli and Ahmednagar, part of it would also go towards Sun's Halol plant, that had received US regulatory approval in the quarter under review.

An estimated Rs 15 crore would be infused into the cephalosporin bulk active plant that comes into the Sun fold, through its merger with Phlox Pharma. Part of the funds would also go towards upgrading machinery in other facilities belonging to Sun Pharma, officials said.

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