Mumbai: Sun Pharma, (NSE:SUNPHARMA,) a speciality pharma company has announced having bought raw materials and dosage form manufacturing operations in Hungary from Valeant Pharmaceuticals (NYSE:VRX). The terms of the transaction were not disclosed.

Dilip Shanghvi, Sun Pharma's chairman and managing director said, "The purchase of this site offers us an early opportunity to enter the European generic space, building on our strengths in bulk actives and product development. This will complement our European entry strategy with our UKMHRA approved plant in India, and will allow for a quick product roll out."

Sun Pharma is ranked fifth among all Indian pharma companies with a 3.44 per cent market share (IMS -ORG Retail Chemist Audit, June 2005). In the Indian market, the company is a leader in niche therapy areas of psychiatry, neurology, cardiology, diabetology, gastroenterology, orthopedics, with a rank among the top 3 companies (CMARC March - June 2005).