Drug major Lupin on 9 March 2016 announced completion of the acquisition of privately held US-based GAVIS Pharmaceuticals LLC and Novel Laboratories (GAVIS).
The acquisition of GAVIS Pharma was announced by Lupin of 23 July 2015.
The deal was cash-free and debt-free and it was funded by a bridge loan, with 10 crore rupees from existing cash reserves deployed for it.
With this acquisition, Lupin received 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 now become Lupin’s first manufacturing site in the US.
Both the companies will now have a portfolio of 120 in-market products, 185 cumulative filings pending approval and a deep pipeline of products under development for the US.
The acquisition created the fifth largest portfolio of Abbreviated New Drug Application (ANDA) filings with the US Food and Drug Administration (FDA). GAVIS has 62 ANDA filings pending approval with the US FDA and a pipeline of over 65 products under development. 72% of these filings pending approvals represent niche dosage forms with 18 Para IVs and 8 FTFs products. GAVIS’ pending approvals address a market of over 9 billion US dollars.
About Lupin Limited
• Lupin Limited is a transnational pharmaceutical company based in Mumbai.
• It is the seventh-largest company by market capitalization and the 10th-largest generic pharmaceutical company by revenue globally.
• Lupin is the fifth-largest generic pharmaceutical company in the US by prescription-led market share and 3rd largest Indian pharmaceutical company by revenue.
• It has the distinction of being the fastest growing generic pharmaceutical player in the US and Japan.
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What: Completed by Lupin