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Lupin buys stake in Philippines firm

Lupin buys stake in Philippines firm
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First Published: Fri, Mar 27 2009. 02 53 PM IST
Updated: Fri, Mar 27 2009. 02 53 PM IST
Mumbai: Drug maker Lupin Ltd said it has acquired a 51% stake in Multicare Pharmaceuticals Philippines Inc, marking the Indian firm’s foray into the $2.5 billion Philippines pharmaceuticals market.
Financial details were not disclosed but Lupin said the purchase was funded through internal cash accruals.
Multicare Pharmaceuticals, which sells branded generics drugs, reported revenue of about $6 million for the year ended December 2008, Lupin said in a statement late Thursday.
Earlier this month, Lupin’s president-finance and planning, S Ramesh, had said the company continues to scout for acquisitions in Asia, eastern Europe, the Gulf region and Latin America.
Last year, Lupin’s acquisitions included stakes in South Africa’s Pharma Dynamics, Germany’s Hormosan Pharma and Australia’s Generic Health.
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First Published: Fri, Mar 27 2009. 02 53 PM IST