Lupin to acquire products in Europe, Canada from Sanofi for Rs 91 cr

Home-grown pharma major Lupin Ltd on Friday said it acquired a portfolio of established products in Europe and Canada from Sanofi for a purchase consideration of EUR 10 million (Rs 91 crore).

Lupin Atlantis Holdings SA, Switzerland, a wholly-owned subsidiary of the company, has signed an asset purchase agreement with Sanofi, a French multinational pharmaceutical and healthcare company, for the purpose, Lupin said in a regulatory filing.

The purchase consideration is EUR 10 million (Rs 91 crore) plus sales milestones up to EUR 8 million (Rs 72.8 crore), contingent upon future sales, it added.

Under the agreement, Lupin will acquire brands AARANE in Germany and NALCROM in Canada and the Netherlands. The turnover of the said brands in these markets for the year ended March 31, 2023 was about USD 6.494 million (Rs 53.7 crore), the company said.

"The proposed transaction is of strategic interest by bringing accretive assets in the respiratory field to help structure the company's new respiratory franchise in Germany following the launch of LUFORBEC in Germany, the launch of Gx SPIRIVA and the acquisition of XOPENEX and BROVANA in the US," it added.

The transaction will require approval of the Foreign Direct Investment Bureau of Canada and is planned to be completed by the first quarter of 2024, Lupin said.