Lupin buys US firm for $150 mn

MUMBAI: Lupin Ltd on Wednesday said its US subsidiary has acquired Symbiomix Therapeutics LLC for a cash consideration of $150 million in a bid to expand its presence in women’s health segment.

The total cash consideration includes an upfront payment of $50 million and other time-based payments. Lupin will also make certain sales-based contingent payments to Symbiomix, the Indian drug maker said in a release, adding that the acquisition is funded from internal accruals.

Us-based Symbiomix is focused on bringing innovative therapies to the market for gynaecologic infections that can have serious health consequences. In September this year, the US Food and Drug Administration approved Symbiomix’s lead product, Solosec oral granules, for the treatment of bacterial vaginosis in adult women.

Lupin expects Solosec to be commercially available by mid2018. The product has been designated as a Qualified Infectious Disease Product (QIDP) by the US Food and Drug Administration (FDA). QIDP designation is for medications intended to treat serious or life-threatening infections. This status makes Solosec eligible for at least 10 years of exclusivity in the US.

The acquisition of Symbiomix and its brand Solosec significantly expands Lupin’s branded women’s health specialty business, which is at present anchored by Methergine tablets, the company said.

“This transaction is an important milestone in the evolution of our specialty business and gives Lupin a new therapeutic to bring to obstetricians and gynecologists to treat a serious health condition they see frequently in their practices,” Vinita Gupta, chief executive officer of Lupin, said.

Lupin has been looking to expand its specialty drugs portfolio in the US market to counter the persisting pricing pressure in generic drugs. In February, Nilesh Gupta, managing director of Lupin, had said in an interview with Mint that the company is looking for specialty assets in the US in the area of women’s health, pediatrics and neurology.