Drug major Lupin on Friday announced the acquisition of Australia-based Southern Cross Pharma Pty Ltd (SCP). Incorporated in Melbourne, Australia, SCP is engaged in developing, registering, and distributing generic products.
Generic Health, Australia based wholly-owned subsidiary of global pharma major Lupin has entered into a definitive agreement under which Lupin will acquire 100 percent of the shares of Southern Cross Pharma Pty Ltd (SCP).
The company, however, did not disclose the financial details of the transaction.
As a part of the transaction, Generic Health will gain access to over 60 registered products having sales of over AUD 30 million (approximately USD 22 million). This will significantly increase Lupin's value proposition and market share in the Australian market, the company said in a regulatory filing.
Nilesh Gupta, Managing Director Lupin said this is an important acquisition for the Australian entity and is aligned with Lupin's strategy to expand and deepen its presence in select markets of focus.
"The Southern Cross Pharma portfolio builds on our existing portfolio of prescription generics, over the counter and specialty range of products. This investment significantly increases our scale in Australia and reinforces our commitment to patients in Australia," Gupta said.
Ashutosh Damle, CEO, Generic Health said the company will benefit from SCP's portfolio of over 60 difficult-to-develop generic pharmaceutical products.
On Friday, the shares of Lupin ended 1.98 percent higher at Rs 1,107.15 apiece on the BSE.