Pharma major Lupin has said that its US subsidiary, Lupin, Inc., has acquired Symbiomix Therapeutics, LLC. Lupin had entered into an option to acquire the company earlier this year.
Symbiomix is a privately held 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 USD 150 million including a USD 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 of Symbiomix and the Solosec™ franchise significantly expands Lupin’s branded women’s health specialty business, which is presently anchored by Methergine® (methylergonovine) tablets.
Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and APIs globally.
Meanwhile, shares of the company were trading at Rs 1047 apiece, down 1.28 per cent from the previous close at 14:08 hours on BSE.