Mumbai, March 16 (IANS) Mumbai-based drug maker Lupin on Monday said it is in the process of acquiring the balance 40 percent stake in South African generics major Pharma Dynamics (PD).
"As per the agreement, the founders (of Lupin) will exercise their put option before March 31, 2015, for the 40 per cent equity stake it currently holds. On completion of this transaction, PD will become a wholly owned subsidiary of Lupin, subject to closing conditions," the Indian pharmaceuticals company said in a regulatory filing with the National Stock Exchange.
In 2008, the second largest Indian pharmaceuticals major acquired a strategic 60 per cent stake in the South African firm.
According to the medicine maker, PD is the largest supplier of cardiovascular pharmaceuticals in South Africa by both value and volumes. Its products also address therapies such as central nervous system, gastrointestinal, diabetes and gynaecological and male health segments.
"We are delighted with this development as Africa is fast emerging as one of the growth engines of the future," said Lupin CEO Vinita Gupta.
Cape Town based PD was founded in the year 2001 and distributes a range of branded, generic prescription medicines and over-the-counter products in South Africa and the rest of the continent.
Lupin's consolidated revenue for the fiscal year ended March 31, 2014 stood at Rs.79,009.1 million.
The company was trading at Rs.,1869.60 on the NSE, down -0.41 percent in the afternoon trade.
Moody's Report: Extreme heat is not good for India's development, high temperature will increase inflation in the country
The people of India are facing severe heat these days. On the one hand, while this high temperature is scorching people, on the other hand, the risk of increasing inflation is also high. Yes, summer
SBI Ecowrap Report: India has the lowest inflation compared to developed countries, better management
Central banks around the world are aggressively raising interest rates to control rising inflation amid fears of an economic recession. India has also increased its policy rates. But, on the front of
Israel-Hamas War: Elon Musk extends helping hand, X's ad revenue will be donated to hospitals in Israel and Gaza
Thousands of people have lost their lives so far due to the ongoing war between Israel and Hamas in Gaza. However, amid the war, industrialist and Ax owner Elon Musk has come forward to help the
UP Lockdown Extension: Extended lockdown in UP till May 10, four more days to be followed by Corona curfew
Because of the situation of coronavirus infection in Uttar Pradesh, the Yogi Adityanath government is constantly increasing its vigor. The two-day weekly detention has been extended to four days,
President greets CISF on eve of Raising Day
New Delhi, March 9 (IANS) President Pranab Mukherjee on Monday extended greetings and felicitations to CISF personnel and their families on the eve of CISF's Raising Day 2015.In his message to the
IND vs ENG: Rohit Sharma has a golden chance to break the world records of Sachin Tendulkar and AB de Villiers
The first match of the three-match ODI series between India and England is to be played at the Kennington Oval Stadium in London today. After beating the hosts 2-1 in the T20 series, now Team India
Coronavirus Updates: Corona cases reduced again in the country, 937 new cases came in 24 hours; Active patients also decreased
There has been a decrease in the cases of corona infection in the country. The Health Ministry said that 937 cases of coronavirus have been registered in the last 24 hours. According to the data
Ranya Rao Case: Ranya Rao confessed her crime! Apart from Dubai, she traveled to these countries.
Recently, Karnataka actress Ranya Rao was arrested at Bengaluru airport in the gold smuggling case. In this case, Ranya has now confessed her crime in a statement given to the Directorate of Revenue
HanuMan Box Office Collection: 'Hanu Man' dominates the box office, the film is just this far away from 100 crores
Hanuman Box Office Day 8 Collection: Telugu film 'Hanu Man', directed by Prashant Verma, competed with the big guns of the South, but still no one could defeat Teja Sajja. The film has been earning
Another Disease Outbreak: Another epidemic spread in North Korea, Kim Jong took the lead
Another epidemic has spread in North Korea amid the havoc of Corona. This is a disease of the intestines. It has been reported to resemble serious diseases like cholera and dysentery. To deal with
