GAVIS’s New Jersey-based manufacturing facility will become Lupin’s first manufacturing site in the US
Lupin has entered into a definitive agreement to acquire privately held GAVIS Pharmaceuticals and Novel Laboratories (GAVIS), subject to certain closing conditions, in a transaction valued at $880 million, cash free and debt free. The transaction has been unanimously approved by the boards of directors of Lupin and GAVIS.
The acquisition enhances Lupin’s scale in the US generic market and also broadens Lupin’s pipeline in dermatology, controlled substance products and other high-value and niche generics. GAVIS brings to Lupin a highly skilled US-based R&D organisation which would complement Lupin’s Coral Springs, Florida, inhalation R&D centre. GAVIS’s New Jersey-based manufacturing facility will become Lupin’s first manufacturing site in the US.
Commenting on the acquisition, Vinita Gupta, Chief Executive Officer, Lupin Limited said, “This is a pivotal acquisition for Lupin as it aligns with our goal to expand and deepen our US presence. The acquisition accelerates Lupin’s entry into niche areas like controlled substances and dermatology. The acquisition is expected to be accretive to the earnings from the first full year of operations. In addition to the compelling strategic fit, there is a strong cultural fit between GAVIS and Lupin’s entrepreneurial spirit and values.”
Dr Veerappan Subramanian, Founder and Chief Executive Officer, GAVIS commented, “Joining forces with Lupin, a truly global player, will help realise our vision of building a broader, research-based high value, speciality business through organic growth. I am confident that the combined entity will be a powerhouse in the US specialty space and will significantly enhance Lupin’s US platform.”
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