Lupin Ltd.'s Australia-based subsidiary has agreed to buy Southern Cross Pharma Pty Ltd. to build on its existing portfolio of prescription generics, over-the-counter and specialty products.
Lupin will acquire 100% shares of Southern Cross Pharma, according to an exchange filing. That would give its wholly-owned arm Generic Health access to more than 60 registered products having sales of over A$30 million (about Rs 165 crore).
The deal is expected to be concluded in the next five-six months. The cost of acquisition is undisclosed, and will be arrived at subject to post-closing adjustments.
Generic Health, according to the filing, is the fourth-largest generic pharmaceutical company in Australia. It markets and distributes more than 180 generic and over-the-counter products in Australia.
For year ended June 30, 2021, Southern Cross Pharma's unaudited turnover was A$38.2 million (about Rs 210 crore).
Shares of Lupin ended 1.98% higher at Rs 1,107.15 in Friday's session.
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