Generic Health, the Australia-based wholly-owned subsidiary of Lupin Limited has entered into a definitive agreement under which Lupin will acquire 100 per cent of the shares of Southern Cross Pharma Pty Ltd (SCP), Lupin said in a statement.
Incorporated in Melbourne, Australia, SCP is engaged in developing, registering and distributing generic products. As a part of the transaction, Generic Health will gain access to over 60 registered products having sales of over AUD 30 million (approximately US $22 million). This will significantly increase Lupin’s value proposition and market share in the Australian market, notified the statement.
Commenting on the acquisition, Nilesh Gupta, Managing Director, Lupin, said, “This is an important acquisition for our Australian entity and is aligned with Lupin’s strategy to expand and deepen our presence in select markets of focus. The Southern Cross Pharma portfolio builds on our existing portfolio of prescription generics, over-the-counter and specialty range of products. This investment significantly increases our scale in Australia and reinforces our commitment to patients there.”
Expressing his views on the same, Ashutosh Damle, CEO, Generic Health, said, “The acquisition of SCP marks the next chapter of growth for Generic Health. We will benefit from SCP’s portfolio of over 60 difficult-to-develop generic pharmaceutical products. This substantially strengthens our product offering and enables us to deliver enhanced value for our stakeholders, patients and communities.”
Expecting that SCP’s product reach will increase through this acquisition, Neill Stacey, Managing Director and owner, SCP, remarked, “Over the past 20 years, SCP has had a preference to develop a portfolio of products that are more demanding than the standard generics. I am happy that the reach of Southern Cross Pharma’s products will increase through Lupin and Generic Health.”