Drugmaker Lupin has acquired Symbiomix Therapeutics LLC for $150 million (about Rs 980 crore) including $50 million as upfront and other time-based payments.
Earlier this year, Lupin had entered into an option to acquire privately-held Symbiomix, a company that looks at innovative therapies for gynecological infections with serious health consequences.
Lupin has been undertaking overseas acquisitions in the last few years, including the $880-million buy of Gavis in the US in 2015.
The latest transaction involving Symbiomix closed today and was provided for through internal funds, the company said, adding that there would be other sales-based contingent payments.
The acquisition of Symbiomix and its Solosec brands will immediately expand Lupin’s US women’s health speciality business into the highly-complementary gynecological infection sector, said Vinita Gupta, Lupin Chief Executive.
In September this year, the United States Food and Drug Administration had approved Symbiomix’s lead product, Solosec (secnidazole) oral granules, for the treatment of bacterial vaginosis (BV) in adult women. Lupin expects Solosec to be commercially available by mid-2018, the note added.