Lupin adds to women's health portfolio with buy of US firm

Confirming an option agreement earlier this year, Indian pharma major Lupin (BSE: 500257) via its US subsidiary, said today that it has now acquired Symbiomix Therapeutics, with the news sending its share up 1.4% to 1,060.95 rupees.

Symbiomix is a privately-held New Jersey, USA-based company focused on bringing innovative therapies to market for gynecologic infections that can have serious health consequences. The acquisition has been made for a cash consideration of $150 million including a $50 million upfront and other time-based payments. In addition, there are sales based contingent payments. The acquisition is funded from internal funds. The transaction was closed today.

The acquisition will enhance Lupin’s branded women’s health specialty business, which at present is based on Methergine (methylergonovine), a drug Lupin acquired when it bought GAVIS Pharmaceuticals for $880 million in March 2016. The company expects Solosec to contribute over $100 million per annum once it is ramped up three-four years time.