Lupin, India’s second largest drug maker by sales, said its balance sheet allows it to leverage up to one billion dollars as war chest for acquisitions as it aspires to build a specialty branded business in US focusing on women’s health.
“We have the capacity to lever our balance sheet up to a billion dollars, but that doesn't necessarily mean that we are going to spend one billion dollars in one single tranche, it is obviously going to be spread across several tranches,” said Ramesh Swaminathan, Chief Financial Officer of Lupin.
Lupin on Wednesday said it has agreed to buy US-based Symbiomix Therapeutics for USD 150 million. The acquisition gives Lupin control over Symbiomix’s lead product, Solosec oral granules, for the treatment of bacterial vaginosis in adult women. In September, the USFDA approved marketing of Solosec with 10-year exclusivity.
The Mumbai-based drug maker said it will be doing several such deals in the coming quarters.