Indian pharmaceutical major Lupin has acquired US based Gavis Pharmaceuticals in cash-free and debt-free transaction for 880 million dollars (around 5,606 crore rupees).
In this regard, Lupin has entered into definite agreement with Gavis Pharmaceuticals LLC and its subsidiary Novel Laboratories Inc.
This acquisition will help the Indian company to expand and deepen its presence in US and enter into niche generics areas such as dermatology and controlled substances along with other high-value areas.
It should be noted that this acquisition creates the 5th largest portfolio of Abbreviated New Drug Application (ANDA) filings with the US Food & Drug Administration (FDA).
Gavis Pharmaceuticals is based in New Jersey and specialises in development, manufacturing, sales, marketing, packaging and distribution of around 101 pharmaceuticals products. It has recorded sales of 96 million dollars in 2013-14 and has over 250 employees.