Lupin divests Kyowa Criticare to Neopharma group

Indian drugmaker Lupin Limited (BSE: 500257) has entered into a definitive agreement through its Japanese subsidiary Kyowa for the sale of its Japanese Injectables business and related assets in Japan to neo ALA Co, a wholly-owned subsidiary of Neopharma group, the UAE’s largest pharmaceutical manufacturer headquartered in Abu Dhabi.

The plant and associated facilities are based out of Atsugi, Japan and has been engaged in sales and contract manufacturing of injectable products to meet various medical needs.

Under the terms of the agreement, financial terms of which were not disclosed, Lupin has agreed to sell all the issued and outstanding share capital in Kyowa Criticare Co to neo ALA Co. The transaction is subject to customary closing conditions and has been approved by the board of directors of Lupin. This transaction does not involve or affect the other operations of Kyowa, namely research, manufacturing, marketing and distribution of oral solids and other dosage forms in Japan.