Lupin buys US generics firm Gavis for $880 million

Deal widens its pipeline in dermatology and controlled substance products

Lupin Ltd, India's fourth-largest drugmaker by sales, said it had agreed to buy privately-held generics company Gavis for $880 million to strengthen its presence in its largest market, the United States.

The deal, which is cash-free and debt-free, widens the company's pipeline in dermatology and controlled substance products, Lupin said in a statement.

The company's shares were down 6% at Rs 1,723 as of 3:06 pm on the NSE.