Drug major Lupin's US subsidiary has acquired Symbiomix Therapeutics for a total cash consideration of USD 150 million (nearly Rs 980 crore). Lupin had entered into an arrangement to acquire the company earlier this year.
The acquisition has been made for a cash consideration of USD 150 million, including USD 50 million upfront payment and other time-based ones, it said in a regulatory filing today. In addition, there are sales-based contingent payments. The acquisition is funded from internal funds. "The acquisition of Symbiomix and Solosec franchise significantly expands Lupin's branded women's health specialty business, which is presently anchored by Methergine tablets," the company added. Last month, the US health regulator had approved Symbiomix's lead product Solosec oral granules for treatment of bacterial vaginosis (BV). The stock was trading 0.43 per cent lower at Rs 1,056 on the BSE.
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