Lupin Ltd announced on Friday that its wholly owned subsidiary in Switzerland is set to acquire a portfolio of accretive established products in Europe from Sanofi PLC.
The pharmaceutical company’s subsidiary Lupin Atlantis Holdings SA, Switzerland (LAHSA) signed an ‘Asset Purchase Agreement’ with the French multinational pharmaceutical and healthcare firm Sanofi to acquire a portfolio of accretive established products in Europe and Canada.
The brands that are being acquired by Lupin Atlantis Holdings SA, Switzerland, from Sanofi include AARANE in Germany and NALCROM in Canada and the Netherlands.
The cost of acquisition of the two brands amounts to 10 million euros (approx. ₹91 crore), along with sales milestones of up to 8 million euros or ₹72.8 crore, depending upon future sales. The mode of transaction will be cash, the company informed the bourses.
The pharma major stated that the turnover of the said brands in the aforementioned markets stood at about $6.494 million (approximately ₹53.7 crore) for the year ended March 31, 2023.
Lupin is acquiring these brands as part of a strategic interest, as this would bring along accretive assets in the respiratory field to help structure the company’s new respiratory franchise in Germany, following the launch of Luforbec in the country, and the launch of Gx Spiriva, along with the acquisition of the brands Xopenex and Brovana in the United States.
The transaction shall require approval of the Foreign Direct Investment Bureau of Canada and is expected to be completed by the first quarter of 2024.
Shares of Lupin were trading 0.77% higher at ₹ 1,265.2 apiece on BSE at 2:52 PM.
(Edited by : Ajay Vaishnav)
