New Delhi: Drug major Lupin on Wednesday said it has completed the acquisition of privately-held, US-based GAVIS Pharmaceuticals LLC and Novel Laboratories (GAVIS).
Lupin had announced the acquisition on July 23, 2015.
The acquisition enhances the company's scale in the US generic market and also broadens its pipeline in dermatology, controlled substance products and other high-value and niche generics, Lupin said in a statement.
"The GAVIS portfolio augments our US business and niche generic pipeline. We plan to leverage the formulation expertise of Gavis to enhance both Lupin's generic as well as specialty pipeline," Lupin CEO Vinita Gupta said.
GAVIS brings to Lupin a highly skilled US-based manufacturing and research organisation which would complement its Florida-based R&D centre for inhalation products.
GAVIS's New-Jersey based manufacturing facility will become Lupin's first manufacturing site in the US.
GAVIS is a privately held company, specialising in formulation development, manufacturing, packaging, sales, marketing and distribution of pharmaceutical products.
It has 62 abbreviated new drug application (ANDA) filings pending approval with the US Food and Drug Administration (FDA) and a pipeline of over 65 plus products under development GAVIS' pending approvals address a market of over $9 billion.
The combined company will have a portfolio of over 120 in-market products, more than 185 cumulative filings pending approval and a deep pipeline of products under development for the US.
The acquisition creates the 5th largest pipeline of ANDA filings with the US health regulator, catering to a $63.8-billion market.
At 3:14 p.m., shares in Lupin were trading 0.55 per cent higher at Rs 1,826.75 apiece on the BSE, whose benchmark Sensex was up 0.59 per cent.
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