Lupin gains after completing acquisition of US based pharma company

Lupin rose 0.62% at Rs 1,828 at 15:25 IST on BSE after the company announced that it has completed the acquisition of privately held US based GAVIS Pharmaceuticals LLC and Novel Laboratories Inc. (GAVIS).

The announcement was made during market hours today, 9 March 2016.

Meanwhile, the S&P BSE Sensex was up 131.45 points or 0.53% at 24,790.68.

On BSE, so far 47,503 shares were traded in the counter as against average daily volume of 2.43 lakh shares in the past one quarter. The stock hit a high of Rs 1,846.60 and a low of Rs 1,818.05.

Lupin had announced the acquisition on 23 July 2015. Lupin said that the acquisition enhances Lupin's scale in the US generic market and also broadens the company's pipeline in dermatology, controlled substance products and other high-value and niche generics.

Lupin's consolidated net profit fell 11.9% to Rs 529.75 crore on 6.8% growth in net sales to Rs 3357.66 crore in Q3 December 2015 over Q3 December 2014.

Lupin is a pharmaceutical company producing and developing a wide range of branded & generic formulations, biotechnology products and APIs globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership positions in the anti-TB and cephalosporin segment.

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