Lupin acquires Symbiomix Therapeutics for USD 150 mn
Drug major Lupin's US subsidiary has put in cash of USD 150 million -- nearly Rs 980 crore -- to acquire Symbiomix Therapeutics LLC.
The arm -- Lupin Inc, USA -- had entered into an arrangement to take over the company earlier this year, Lupin said in a regulatory filing today.
"The acquisition has been made for a cash consideration of USD 150 million, including a USD 50-million upfront and other time-based payments. In addition, there are sales-based contingent payments," it added.
The acquisition is funded through internal funds, Lupin said.
"This transaction is an important milestone in the evolution of our specialty business and gives Lupin a new therapeutic to bring to obstetricians and gynaecologists to treat a serious health condition they see frequently in their practices," Lupin CEO Vinita Gupta said on the development.
Lupin is "delighted to complete the acquisition of Symbiomix and its Solosec brand, which immediately expands its US women's health specialty business into the highly- complementary gynaecological infection sector", she added.
Lupin's branded women's health specialty business is anchored by Methergine tablets, the Mumbai-based drug maker said.
Last month, the US health regulator had approved Symbiomix's lead product, Solosec oral granules, for the treatment of bacterial vaginosis (BV) in adult women, it added.
The company expects Solosec to be commercially available by mid-2018.
The stock today traded at Rs 1,048.50 on the BSE, down 1,14 per cent from its previous close.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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