Lupin to complete Pharma Dynamics acquisition by March-end

Posted on 17th Mar 2015 11:40 am by mohit kumar

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.

Other news

Pakistan Flood: Manchar, the largest lake in Pakistan, is in spate, many villagers trapped

The situation is already bad due to the floods in Pakistan. At the same time, Pakistan's largest

Initiative: Translation of science journals in Hindi and regional languages also, Union Minister Jitendra Singh demands

Union Minister Dr. Jitendra Singh has lobbied vigorously in Parliament for the convenience of stu

Crisis in Sri Lanka: New Presidential election on July 20; Speaker dismisses speculation of Rajapaksa fleeing the country

The dates for the presidential election have been announced in Sri Lanka amid the ongoing crisis

'Not old India which lost land to China, it is Modi's New India', said Pema Khandu on clash with Chinese soldiers

Speaking on the skirmish between the soldiers of China and India along the Line of Actual Control

The economic crisis in Sri Lanka: to handle the situation, now Sri Lanka will ask for a loan from IMF; Former minister's allegation - Rajapaksa embezzled money received from abroad

Sri Lanka, which is facing a severe economic crisis, will now ask for a loan from the Internation

PM Modi addressed the meeting of G-20 Foreign Ministers, said- Many countries are facing the sad consequences of failed misgovernance

Prime Minister Narendra Modi addressed the meeting of G-20 Foreign Ministers on Thursday. During

IND vs NZ: 20 years of wait ends in Dharamshala, will India create history in Wankhede? Know what is the record

India (IND), so far unbeaten in the World Cup 2023, will face New Zealand (NZ) on Wednesday. A to

Over 69 thousand patients grew in 24 hours, 59 thousand people were cured, 979 people died; 28.35 lakh cases so far in the country

The number of corona patients in the country has crossed 28 lakh. So far, the Corona report of 28

Realme launches C11 smartphone in the budget segment, these features will be available for just Rs 7,499

New Delhi: China's smartphone maker Realme has launched its new smartphone focusing on the budget

Pakistan Economic Crisis: Stalled bailout package deal could not be done between Pakistan and IMF: Report

The International Monetary Fund (IMF) and Pakistan could not reach an agreement on a bailout pack