MUMBAI, India — Generic drug maker Sun Pharmaceutical Industries appointed a new chairman as the company announced big jumps in fourth-quarter and fiscal year 2012 sales and profits.
The drug maker announced the appointment of former Teva Pharmaceutical Industries president and CEO Israel Makov as chairman. Makov, who began working for Teva in 1995, and led it as president and CEO from 2002 to 2007, is widely credited with that company becoming the world's largest generic drug maker and one of the world's largest drug makers overall.
Before joining Teva, Makov founded Israel's first biotech company, Interpharm, and since his departure has served as chairman for a number of companies, including capsule endoscopy provider Given Imaging and life sciences investment company Biolight.
The appointment came on the heels of a 59% increase in sales, to $4.2 billion, for fourth quarter 2012, and a 40% increase, to $14.4 billion, for the fiscal year. Profits for the quarter increased 85%, to $1.5 billion, and increased by 42%, to $4.7 billion, in the fiscal year.
In other news, Sun announced Thursday the approval of azelastine hydrochloride nasal spray, a generic version of Medpointe Pharm HLC's Astelin, a treatment for allergies. Various versions of the drug have annual sales of $144 million, according to Sun, which will sell the drug in the 0.1% strength.