Mumbai, March 16 (IANS) Mumbai-based drug maker Lupin on Monday said it is in the process of acquiring the balance 40 percent stake in South African generics major Pharma Dynamics (PD).
“As per the agreement, the founders (of Lupin) will exercise their put option before March 31, 2015, for the 40 per cent equity stake it currently holds. On completion of this transaction, PD will become a wholly owned subsidiary of Lupin, subject to closing conditions,” the Indian pharmaceuticals company said in a regulatory filing with the National Stock Exchange.
In 2008, the second largest Indian pharmaceuticals major acquired a strategic 60 per cent stake in the South African firm.
According to the medicine maker, PD is the largest supplier of cardiovascular pharmaceuticals in South Africa by both value and volumes. Its products also address therapies such as central nervous system, gastrointestinal, diabetes and gynaecological and male health segments.
“We are delighted with this development as Africa is fast emerging as one of the growth engines of the future,” said Lupin CEO Vinita Gupta.
Cape Town based PD was founded in the year 2001 and distributes a range of branded, generic prescription medicines and over-the-counter products in South Africa and the rest of the continent.
Lupin’s consolidated revenue for the fiscal year ended March 31, 2014 stood at Rs.79,009.1 million.
The company was trading at Rs.,1869.60 on the NSE, down -0.41 percent in the afternoon trade.