Lupin Offloads Kyowa For $525m But Not Exiting Japan
$300m Net From Deal Gives Leeway For Acquisitions, Organic Growth
Lupin plans to invest in acquisitions and organic growth in the US and India after selling Japanese subsidiary Kyowa Pharma for an enterprise value of around $525m to Japan private equity group Unison Capital. But the Indian firm stresses it is not exiting Japan and will continue to look for marketing partnerships.
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Lupin has built on a recent alliance in China with Foncoo by agreeing a further partnership for the Chinese market, this time with Yabao Pharmaceutical.
Lupin has partnered with Chinese firm Foncoo Pharmaceutical to begin supplying its portfolio of generic medicines to the region. At the same time, it has also acquired a number of brands from fellow Indian drug manufacturer Anglo-French Drugs & Industries Limited.
After lower growth in its India business and impaired operations at five manufacturing units hit by US FDA action impacted Lupin's third-quarter revenues, one-offs sent its net profit crashing. While deferring reinspection timelines for its Goa and Somerset plants, the company remains confident of adding at least 15 products to its US portfolio in FY21.