Lupin’s US arm acquires Symbiomix for Rs 980 crore in all-cash deal

MUMBAI: Lupin Ltd’s US subsidiary — Lupin Inc, USA — said it has acquired Symbiomix Therapeutics LLC in an all-cash deal aggregating Rs 980 crore ($150 million). The move is likely to expand Lupin’s presence in women’s health segment, according to the company.

It also gives an opportunity to expand its specialty drugs portfolio in the US market, which is under pricing pressure. Both firms entered into an arrangement with Symbiomix earlier this year, Lupin said in a regulatory filing on Wednesday.

“The acquisition has been made for a cash consideration of $150 million, including a $50-million upfront and other time-based payments. In addition, there are sales-based contingent payments,” it said, adding that the acquisition will be funded through internal accruals.

“This transaction is an important milestone in the evolution of our specialty business and gives Lupin a new therapeutic to bring to obstetricians and gynaecologists to treat a serious health condition they see frequently in their practices,” said Vinita Gupta, CEO of Lupin.

According to her, the company will complete the acquisition of Symbiomix and its Solosec brand, which immediately expands its US women’s health specialty business into the highly-complementary gynaecological infection sector,” she added.

Lupin’s branded women’s health specialty business is currently led by Methergine tablets. It was only last month that the US health regulator approved Symbiomix’s lead product, Solosec oral granules, for the treatment of bacterial vaginosis (BV) in adult women.

The Mumbai-based drug maker expects Solosec to be commercially available by mid-2018. The product has been designated as a Qualified Infectious Disease Product (QIDP) by the US Food and Drug Administration (FDA). QIDP designation is for medications intended to treat serious or life-threatening infections.