Lupin acquires South African generic firm

Lupin acquires South African generic firm

Mumbai: Drug-maker Lupin said on 18 September it has acquired South Africa-based Pharma Dynamics for an undisclosed amount.

The company has completed the acquisition of a majority stake in the generic firm, wherein its founder Paul Anley would continue as the CEO of the organisation, with significant equity holding, Lupin said in a filing to the Bombay Stock Exchange.

The domestic pharma firm expects that the synergies of the two companies would help it expand its overseas presence, the filing said.

“The equity acquisition by Lupin gives us increased access to international research and development which will further strengthen our local position," Anley said.

For the year ending February 2008, Pharma Dynamics had reported revenues worth Rand 118 million (over Rs66 crore). The company plans to launch about 12 new products this year, it said.

Shares of Lupin were trading at Rs715, down 3.38% on the BSE.