Drug firm Lupin Ltd. on Wednesday said it has acquired UK-based Renascience Pharma Ltd. for about Rs 135 crore.
Lupin Healthcare UK Ltd., a wholly-owned subsidiary of the Mumbai-based drug maker, is acquiring a 100% stake in Renascience, which supplies products in the UK.
With the acquisition, Lupin Healthcare UK Ltd. gains full ownership of Renascience which, going forward, will trade as its subsidiary, Lupin Ltd. said in a statement.
Renascience is the sole supplier for branded injectable cephalosporines for infectious diseases, a topical treatment for ear pain and a branded quinasoline-like diuretic for cardiovascular and renal indications in the UK market.
"This strategic move allows Lupin to further enhance our branded medicine portfolio, catering to unmet medical needs and furthering our mission to provide accessible and sustainable healthcare solutions," Lupin President, corporate development, Fabrice Egros stated.
Co-founder and Director of Renascience, Eric Che noted that Lupin has the cultural fit, capabilities and experience for the next stage of growth.
"As we looked forward to the future, it was deeply important that Renascience has the best opportunity to build on what has been accomplished and expand its reach to improve outcomes for as many patients as possible, and we are pleased to have found that opportunity with Lupin," Che added.
Lupin shares on Wednesday ended 2.71% up at Rs 2,009.40 apiece on BSE.
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