Lupin's Australian subsidiary Generic Health on July 30 said it has entered into a definitive agreement to acquire 100 percent of the shares of privately-held Southern Cross Pharma Pty (SCP).
Lupin did not disclose the financials of the deal.
The Melbourne-based SCP is engaged in developing, registering, and distributing generic products.
As a part of the transaction, Lupin will gain access to over 60 registered products having sales of over AUD 30 million (approximately $22 million).
"This will significantly increase Lupin’s value proposition and market share in the Australian market," Lupin said.
“This is an important acquisition for our Australian entity and is aligned with Lupin’s strategy to expand and deepen our presence in select markets of focus," Nilesh Gupta, Managing Director of Lupin said.
"The Southern Cross Pharma portfolio builds on our existing portfolio of prescription generics, over the counter and specialty range of products. This investment significantly increases our scale in Australia and reinforces our commitment to patients in Australia,” Gupta added.
SCP supplies prescription products for retail pharmacies and direct marketing of its own-brand product, SXP, to the hospital sector. Southern Cross Pharma now has over 330 entries on the Australian Register of Therapeutic Goods.
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