Indian drug company Lupin on 23 July 2015 acquired US generics company GAVIS Pharmaceuticals and Novel Laboratories (GAVIS) for 880 million US dollars to strengthen its presence in the United States.
The deal is cash-free and debt-free and it will be funded by a bridge loan, with 10 crore rupees from existing cash reserves deployed for it.
With this acquisition, Lupin will get access to a host of specialty generic drugs and niche products, mainly in dermatology, gastro-intestinal and injectables. GAVIS’s New-Jersey based manufacturing facility will become Lupin’s first manufacturing site in the US.
Both the companies will now 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 fifth largest portfolio of ANDA filings with the US Food and Drug Administration (FDA).
About GAVIS Pharmaceuticals LLC
GAVIS is a privately held company specializing in formulation development, manufacturing, packaging, sales, marketing, and distribution of pharmaceuticals products.
GAVIS currently has 66 ANDA filings pending approval with the US FDA and a pipeline of over 65+ products under development. 72 percent of these filings pending approvals represent niche dosage forms.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App
DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.