Drug maker Lupin has acquired US-based Symbiomix Therapeutics for $150 million (around ~975 core) to grow it’s women’s health business.
The US market contributes around 45 per cent of Lupin’s revenue. The drug maker has been scouting for specialty drugs in women’s health and neurology segments in the US in view of the price erosion of generic drugs. Last month, it hired industry veteran Jim Loerop to drive its mergers and acquisition strategy.
This is Lupin’s second big acquisition in the US in the past 15 months, following the $880-million purchase of Gavis.
Lupin said the acquisition was made for a cash consideration of $150 million, including a $50-million up-front and other time-based payments. In addition, there are sales-based contingent payments, the company said.
The acquisition brings specialty product Solosec in its portfolio. Lupin expects to launch the product by mid-2018.
Last month, the US Food and Drug Administration approved Symbiomix’s lead product Solosec that is an oral granule for treatment of bacterial vaginosis in adult women. Solosec has been designated as a qualified infectious disease product by the US FDA. This designation is for medications intended to treat serious or life-threatening infections and makes Solosec eligible for at least 10 years of exclusivity in the US.
“We are delighted to complete the acquisition of Symbiomix and its Solosec brand, which immediately expands Lupin’s US women’s health specialty business into the highly-complementary gynaecological infection sector,” said Vinita Gupta, chief executive of Lupin. “This transaction is an important milestone in the evolution of our specialty business.”