Lupin Ltd.'s Switzerland-based subsidiary, Lupin Atlantis Holding SA, announced its acquisition of French pharmaceutical company, Medisol Lifescience Pvt., on Friday.
The company has agreed to pay a cash consideration of 18 million euros (approximately Rs 160 crore)—of which 14.5 million euros is upfront consideration, and earn-outs are up to 3.5 million euros—to acquire the entire share capital of Medisol, according to its exchange filing.
The deal is subject to necessary approval from the French ministry and is expected to be completed by July 2023.
Founded in 2011, Lyon-headquartered Medisol specialises in generics injectables and is engaged in developing and commercialising its products in pharmacies and hospitals in France.
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With this acquisition, Lupin is expected to gain access to Medisol's portfolio of seven injectable products across four therapeutic areas, including pain management, anti-inflammatory, cardiovascular diseases and obstetrics. "This has synergy with Lupin's injectables portfolio and other products," the filing said.
"This acquisition is part of our strategy to expand our presence in the EU and accelerate our injectables franchise in France. France is the second largest market in Europe for injectables with a robust growth," the company said.
Medisol earned revenue of around 7.3 million euros in FY22, 7.1 million euros in FY21 and 5.3 million euros in FY20.
Shares of Lupin closed 0.78% lower on Friday before the announcement of the acquisition, as compared with a 1.13% fall in the benchmark Sensex.
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