India's pharmaceutical major Lupin Ltd on Wednesday said it had acquired a majority stake in Japan-based generic drug company Kyowa Pharmaceutical Industry for an undisclosed amount, news reports said. “This is a very significant part of our strategy to tap leading global markets. It establishes a beachhead in the second largest pharmaceutical market in the world,” Lupin Chairman Desh Bandhu Gupta was quoted as saying by the PTI news agency.
Lupin did not give any financial details, but CNBC-TV 18 network said the company paid 60 million dollars for the buy-out.
Kyowa has strengths in product development, manufacturing and marketing of its products in Japan. The product range of the company varies from psychiatry to cardiovascular and digestive portfolio, and comes under the brand name Amel.
The growth potential of Lupin had been driven by its acquisition spree. In 1998, the company had acquired the generic business of German drug-maker Boehringer Mannheim, which expanded the company's psychiatric product range.
Source: Earth Times