Sun Pharmaceutical Industries Limited (NSEI:SUNPHARMA) will pursue licensing and acquisitions to expand its speciality business, the company's senior executive said. "M&A - we have always tried to be very judicious; looked at ways by which we can use licensing or acquisitions as a way to fill the gaps in our portfolio and achieve our strategic goal," said Abhay Gandhi, CEO-North America Business at Sun Pharma."Of course, having a cash chest of close to $2.4 billion inclusive of Taro enables us to pursue mid- to large-size transactions as well," Gandhi said. He added in the past few years Sun Pharma has been making conscious efforts to develop a pipeline of products in-house and "going ahead, it will be a combination of both (M&A and inhouse development)".