MUMBAI,
India /PRNewswire/ -- Pharma Major Lupin Limited
(Lupin) has entered into a definitive agreement to acquire
privately held GAVIS Pharmaceuticals LLC and Novel Laboratories
Inc. (GAVIS), subject to certain closing conditions, in a
transaction valued at USD
880 million, cash free and debt free. The transaction has
been unanimously approved by the Boards of Directors of Lupin and
GAVIS. The acquisition enhances Lupin's scale in the US generic
market and also broadens Lupin's pipeline in dermatology,
controlled substance products and other high-value and niche
generics. GAVIS brings to Lupin a highly skilled US based R & D
organization which would complement Lupin's Coral
Springs, Florida, inhalation R&D center.
GAVIS's New
Jersey based manufacturing facility will become Lupin's
first manufacturing site in the US.
New
Jersey based GAVIS is a privately held company
specializing in formulation development, manufacturing, packaging,
sales, marketing, and distribution of pharmaceuticals products.
GAVIS recorded sales of $96
million in FY 2014 and has over 250 New Jersey based
employees. GAVIS currently has 66 ANDA filings pending approval
with the US FDA and a pipeline of over 65+ products
under development. 72% of these filings pending approvals represent
niche dosage forms. To date, GAVIS has filed 25 Para IVs and 8 FTFs
products. GAVIS's pending filings address a market value of
about USD
9 billion. The combined company will have a portfolio of 101
in-market products, 164 cumulative filings pending approval and a
deep pipeline of products under development for the US. The
acquisition creates the 5th largest
portfolio of ANDA filings with the US FDA, addressing
a USD
63.8 billionmarket.
Commenting on the
acquisition, Ms. Vinita
Gupta, Chief Executive Officer of Lupin Limited, said, "This
is a pivotal acquisition for Lupin as it aligns with our goal to
expand and deepen our US presence. GAVIS has a strong track record
of delivering highly differentiated products in a short time and is
poised for continued strong growth as it delivers on its existing
pipeline. GAVIS's capabilities and pipeline are an excellent
complement to Lupin. The acquisition accelerates Lupin's entry into
niche areas like controlled substances and dermatology. We are
confident that Lupin's proven commercialization capabilities,
vertically integrated manufacturing operations and supply chain
strengths will accelerate GAVIS's growth. The acquisition is
expected to be accretive to the earnings from the first full year
of operations. In addition to the compelling strategic fit, there
is a strong cultural fit between GAVIS and Lupin's entrepreneurial
spirit and values."
Dr. Veerappan
Subramanian, Founder and CEO of GAVIS, commented, "This is a
time of globalization for the specialty pharmaceutical industry and
GAVIS is well positioned to capitalize on this exciting
opportunity. Joining forces with Lupin, a truly global player, will
help realize our vision of building a broader, research-based high
value, specialty business through organic growth. I am confident
that the combined entity will be a powerhouse in the US specialty
space and will significantly enhance Lupin's US platform."
About Lupin
Limited
Headquartered
in Mumbai,
Lupin is an innovation led transnational pharmaceutical company
producing and developing a wide range of branded & generic
formulations, APIs and biotechnology products. The Company is a
significant player in the Cardiovascular, Diabetology, Asthma,
Pediatric, CNS, GI, Anti-Infective and NSAID space and holds global
leadership positions in the Anti-TB and Cephalosporin segment.
Lupin is the
5th largest
and fastest growing generics player in the US (5.3% market share by
prescriptions, IMS Health) and the 3rd largest
Indian pharmaceutical company by sales. The Company is also the
fastest growing top 10 generic pharmaceutical players
in Japan and South
Africa (IMS).
For the financial
year ended 31st March
2015, Lupin's Consolidated turnover and Profit after Tax were Rs.
125,997 million (USD
2.06 billion) and Rs. 24,032 million (USD
393 million) respectively. Please visit http://www.lupin.com for
more information.
Twitter - http://www.twitter.com/lupinlimited
CIN: L24100MH1983PLC029442
Registered Office: 159,
C.S.T. Road, Kalina, Santacruz
(East), Mumbai -
400098.
About
GAVIS
Somerset,
New Jersey based GAVIS specializes in developing and
marketing niche pharmaceutical products in a variety of dosage
forms. Since its inception in 2007, GAVIS has compiled an
impressive portfolio of niche marketed products and a formidable
ANDA pipeline, along with a talented scientific, business and
regulatory team comprised of some of the foremost professionals in
the generic pharmaceutical industry. GAVIS has also amassed an
extensive, state of the art facilities portfolio, which includes
45,000 square feet of R&D and manufacturing space with an
additional 105,000 square feet of newly constructed space coming
online by the end of 2015, complemented by 124,000 square feet of
packaging and distribution operations
For more
information on GAVIS - please do visit -http://www.gavispharma.com/
Safe Harbor
Statement
For further information or
queries please contact:
Shamsher
Gorawara,
Head - Corporate Communications
Lupin Limited:
Ph:+91-98-20-338-555
e-mail: [email protected]