Sun Pharma to Raise Stake in U.S. Arm Caraco to 80 Percent

Sun Pharmaceutical has decided to increase its holding in U.S. subsidiary Caraco Pharmaceutical to 80 percent from the current 69 percent. "In FY05, we increased our holding in Caraco to 69 percent from the earlier 63 percent. Our shares-for-products swap agreement with the Caraco management allows us to increase our holding in Caraco to 80 percent in the next 15 months. There will be a major ramp-up in the number of products to the U.S. Both Caraco and Sun are filing about 20 Abbreviated New Drug Applications (ANDAs) in the coming fiscal. This has created a need to increase capacities," a senior Sun Pharma official said.

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