Lupin buys US-based GAVIS for $880 mn

By: |
Mumbai | Published: July 24, 2015 12:13:43 AM

India's third-largest pharmaceutical company Lupin announced the acquisition of New Jersey-based GAVIS Pharma and Novel Labs for $880 million.

India’s third-largest pharmaceutical company Lupin announced the acquisition of New Jersey-based GAVIS Pharma and Novel Labs for $880 million. Lupin expects the acquisition to enhance Lupin’s presence in the US generic market, while broadening its pipeline in the dermatology, controlled substance products and other niche generics.

Vinita Gupta, CEO, Lupin, said, “The acquisition is expected to be accretive to the earnings from the first full year of operations.”

GAVIS posted sales of $96 million in FY14 and has 66 ANDA filings, pending approval with the USFDA, and a pipeline of over 65+ products under development. “GAVIS’ pending filings address a market value of about $9 billion”, Lupin said.

“GAVIS brings to Lupin a highly-skilled, US-based R&D organisation which would complement Lupin’s inhalation R&D centre. GAVIS’ New Jersey-based manufacturing facility will become Lupin’s first manufacturing site in the US,” Lupin said.

Lupin said the combined company will have a portfolio of 101 in-market products, 164 cumulative filings, pending approval, and a deep pipeline of products under development for the US. “The acquisition creates the 5th largest portfolio of ANDA filings with the USFDA, addressing a $63.8-billion market,” it added.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition
FinancialExpress_1x1_Imp_Desktop