JOIN USLupin has decided to acquire the balance 40 per stake in South African generics major Pharma Dynamics (PD) from its founders.
As per the agreement, the founders will exercise their put option before March 31, 2015, for the 40 per cent equity stake that it currently holds. On completion of this transaction, PD will become a wholly-owned subsidiary of the company, Lupin said in a release.
Lupin had acquired a 60 per cent stake in PD in September 2008. PD is the biggest supplier of cardiovascular pharmaceuticals in South Africa (SA) by both value and volumes. Its products also address therapies such as central nervous system, gastrointestinal, diabetes and gynecological and male health segments. In 2013, it also entered the SA anti-infective market, supplying IV antibiotics to hospitals. Its OTC products portfolio includes antihistamines, cold and flu medication and heartburn treatment.
“Lupin has been an extremely strong partner in our business since 2008. The fact that Lupin has increased its shareholding is a huge compliment,” PD chief executive officer Paul Anley said.