Shares of Sun Pharmaceutical Industries rose 1.6% intraday on Tuesday as the subsidiary of India's largest pharmaceutical company announced its divestment plans in the US manufacturing unit.
"As a part of its manufacturing consolidation in the US, one of its wholly-owned subsidiaries has entered into an agreement with Nostrum Laboratories Inc for the divestment of the Bryan (Ohio) unit in the US," the company said in its filing to the BSE on Monday.
It has divested this unit as a going concern along with the employees and related products to Nostrum, cited the company statement.
During the divestment process,Sun Pharma said it was cognizant that the interests of its employees working in the unit were not compromised, the statement noted.
While other details of the transaction are confidential, the financial impact of this development on Sun Pharma is negligible, it added.
In September, the company had said that it plans to sell a manufacturing facility in Ireland that was owned by Ranbaxy.
Sun Pharma is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
At 1510 hours, the shares of Sun Pharmaceutical Industries were trading up 0.83% or Rs 6.40 at Rs 775.00 intraday on BSE.
