Lupin to buy 21 branded drugs from Japan’s Shionogi

An employee of Lupin Limited works at a reception at their headquarters in Mumbai November 22, 2013. REUTERS/Danish Siddiqui/Files

Indian drugmaker Lupin Ltd (LUPN.NS) said it had agreed to buy a portfolio of 21 drugs from Japan’s Shionogi & Co Ltd (4507.T) for 15.4 billion yen ($150 million), expanding its presence in its third-largest market.

The portfolio will be transferred to Lupin on Dec. 31, subject to regulatory approvals and certain closing conditions, the companies said in a statement on Tuesday.

The acquisition, which will be done by Lupin’s Japanese generic drug unit Kyowa Pharmaceutical Industry Co Ltd, will give Lupin access to Japanese branded pharmaceutical market and strengthen its speciality business portfolio, they said.

The 21 products currently have sales of $90 million and cover therapy areas such as central nervous system, oncology, cardiovascular and anti-infectives, the statement said.

($1 = 102.6100 yen)

[source:- Reuters]