Sun Pharma will acquire the company, which is involved in the development, manufacture and sale of branded and generic products in Japan, for $1 million.
Pola Pharma’s portfolio is primarily made up of dermatology products and it has two manufacturing facilities in Saitama, Japan, that are capable of making topical products and injectables.
Ganorkar added that the deal will help Sun Pharma launch its speciality and generic dermatology products in the Japanese market in future.
“We also get access to local manufacturing capability, enabling us to serve the Japanese pharmaceutical market more effectively,” said Ganorkar.
Pola Pharma had annual revenues of approximately $108 million and a net loss of $7 million for the 12 months ending December 2017.
The transaction is expected to close before the end of January next year.
In March 2016, Sun Pharma acquired 14 prescription brands from Novartis in Japan for $293 million. While the brands were not named, they cover several therapeutic areas, with estimated annual revenues for the brands being $160 million.
Later the same year, Sun Pharma agreed to buy an 85.1% share in Russia-based pharmaceutical business Biosintez for $24 million.