Lupin the drug major on Friday said it will acquire Australia-based Southern Cross Pharma Ptv Ltd (SCP). Combined in Melbourne, Australia, SCP is responsible for developing, registering, and distributing generic products.
In a regulatory filing, Lupin said Generic Health which is an Australia based wholly-owned subsidiary of Lupin, has entered into a conclusive agreement under which Lupin will acquire 100 per cent of the shares of Southern Cross Pharma Pty Ltd (SCP).
Lupin said, as a part of the deal, Generic Health will gain access to over 60 registered products having sales of over AUD 30 million (approximately USD 22 million).
However, the financial details of the transaction have been revealed by the company. The company said Lupin’s value proposition and the market share in the Australian market will be significantly increased.
Nilesh Gupta, Managing Director Lupin said this is an important acquisition for the Australian entity and is aligned with Lupin’s strategy to expand and deepen its presence in select markets of focus.
“The Southern Cross Pharma portfolio builds on our existing portfolio of prescription generics, over the counter and speciality range of products. This investment significantly increases our scale in Australia and reinforces our commitment to patients in Australia,” he said.
Ashutosh Damle, CEO, Generic Health said the company will benefit from SCP’s portfolio of over 60 difficult-to-develop generic pharmaceutical products.
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