Pharmaceutical major Lupin has signed an agreement to acquire five legacy brands in strategic therapy areas—gastroenterology, urology and anti-infectives from Italy-based Menarini Group, according to the regulatory filing by the company.
"Growing urbanisation and dietary changes are driving the demand for gastrointestinal and urology treatments in India. This acquisition strengthens our presence in India and bolsters our therapy pipeline. At Lupin, we are committed to empowering healthcare professionals in managing the increasing disease burden and improving the lives of patients significantly," says Rajeev Sibal, President-India Region Formulations, Lupin.
The brands are Piclin (Picosulphate Sodium), Menoctyl (Otilonium Bromide), Sucramal O (Sucralfate + Oxetacaine), Pyridium (Phenazopyridine) and Distaclor (Cefaclor), the company says.
"This acquisition aligns well with our strategic goal to broaden our presence in the Indian market. By offering a comprehensive range of products, our aim is to deliver even greater value to our stakeholders and the communities we serve," says Nilesh Gupta, MD, Lupin.
The share price of the pharmaceutical major Lupin closed 2.83% lower at ₹1,097. 05. Early today, the share price of Lupin opened at ₹1,125.50, 0.3% lower as against the closing price of the previous session at ₹1,128.95. The market capitalisation stood at ₹49,940.13 crore as 37,143 shares exchanged hands as against the two-week average of 0.37 lakh shares.
At present, the share price of Lupin trades 6.57% lower than the 52-week high of ₹1,174.25, which the company touched on September 12 this year. The share price of Lupin, is trading 74.6% higher than the 52-week low of ₹628.10, which the company touched on March 31 this year.
Earlier this month, the pharmaceutical company said that it plan to enter into a business transfer agreement with Lupin Manufacturing Solutions Limited (LMSL), its wholly-owned subsidiary, to carve out two active pharmaceutical ingredients (API) manufacturing sites at Dabhasa and Visakhapatnam and select R&D operations including fermentation at Lupin Research Park, Pune. The company expects around ₹750-₹800 crore from the slump sale.
In September, the drugmaker also entered into a partnership with Mark Cuban Cost Plus Drug Company and COPD Foundation to expand access to Tiotropium Bromide Inhalation Powder, 18 mcg/capsule, to COPD patients in the US.
In FY23, the drugmaker clocked a net profit of ₹430 crore as compared to a loss of ₹1,528 crore. The company’s consolidated revenue during the year-under-revenue stood at ₹16,641 crore as against ₹16,405 crore in the same period the previous year.