Sun Pharmaceutical Industries is in talks to acquire Swedish drugmaker Meda AB in a deal that could be worth nearly $5 billion, reports said, citing people familiar with the matter.
The Wall Street Journal in a report on its website said that the Indian drug manufacturer is in talks with banks for lining up financing for the deal, which could be among the biggest overseas acquisition by an Indian company, quoting persons familiar with the matter.
Sun Pharmaceutical already gets a major part of its sales from overseas markets. Sun Pharmaceutical Industries recently reported 23.32 per cent increase in consolidated net profit for the fourth quarter ended March 31, 2013 at Rs 1,011.56 crore.
Total income from operations during the quarter under review stood at Rs 3,087.04 crore as against Rs 2,336.18 crore in the year-ago period, it said.
For the fiscal 2012-13, consolidated net profit stood at Rs 3,008.06 crore as against Rs 2,656.69 crore in the previous fiscal.
Total income from operations for FY'13 was at Rs 11299.86 crore as against Rs 8,019.75 crore in FY'12, it said.
Commenting on the performance, Sun Pharma Managing Director Dilip Shanghvi said: "Our sales for FY13 have crossed the USD 2 billion mark. While it took us almost 27 years to record $1 billion in revenues, the next billion was added in just 3 years."
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