Mumbai based drug maker Lupin Ltd
has entered into a definitive agreement to acquire New Jersey based privately
held Gavis Pharmaceuticals Ltd and Novel Laboratories Inc. for $880 Million to
expand in the US generic drug market. This is the biggest acquisition in the US
by an Indian company. The acquisition is cash free and debt free.
Gavis brings to Lupin a highly skilled
US based R&D organization, which would complement Lupin Coral Springs,
Florida, inhalation R&D center and a New Jersey based manufacturing
facility which will become Lupin first manufacturing site in the US. The acquisition
enhances Lupin scale in the US generic market and also broadens its pipeline in
dermatology, controlled substance products and other high valued and niche generics.
On 2nd July, Lupin had
acquired Russian company Biocom for an undisclosed amount. The company required
sales of 861.2 Million Ruble in fiscal year 2014. In May 2015, Lupin entered
into Brazilian pharmaceuticals market by acquiring Medquimica Industrial
Pharmaceutical S.A Brazil for an undisclosed amount.
Lupin had strengthened its position
in Latin American market last year by acquiring Laboratories Grin SA, the
fourth largest pharmaceutical company in Mexico in the eye care segment, with
sales of $28 Million in 2013.
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