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Sun Pharmaceutical Industries has announced that its fully owned US subsidiary, Sun Pharmaceutical Industries, Inc has acquired 100% ownership of Chattem Chemicals, Inc from Elcat, Inc. The terms of the transaction were not disclosed. The company will apply to regulatory authorities for appropriate clearances, as required.
Chattem is registered with the US Drug Enforcement Administration as a narcotic raw material importer. This import registration includes four controlled substance products listed in schedule 2: methamphetamine, phenylacetone, raw opium and concentrate poppy straw. Additionally, it is also licensed by the DEA to manufacture schedule 1 to 5 controlled substances. At its facility spread over 6.5 acres in Chattanooga, Tennessee, Chattem employees 60 people and manufactures a variety of active pharmaceutical ingredients (APIs) with a focus on controlled substances. For the year ending June 2008, Chattem, is estimated to have sales of US$ 26 million.
This is Sun Pharma's third acquisition of a controlled substance business. In 2005, Sun Pharma acquired a facility in Hungary authorized to make controlled substance APIs, starting from the initial stage, i.e., poppy farming. In the same year, the company acquired a brand new manufacturing site in New Jersey, equipped with special suites for the manufacture of controlled substances finished dosages.
The company made this announcement during the tading hours today, 26 November 2008.
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