Sydney, Australia (CU)_ Generic Health, the fourth largest generic pharma in Australia with an annual revenue of $42 million and a wholly-owned Australian division of global pharma giant Lupin Limited based in India, has signed a formal agreement, under which Lupin will purchase 100 percent of Southern Cross Pharma Pty Ltd’s shares.
SCP is a generic product development, registration, and distribution company based in Melbourne, Australia. According to the stock exchange filing, SCP has more than 330 entries on the Australian Register of Therapeutic Goods. Generic Health will acquire access to around 60 licensed products with sales of over AUD 30 million, which is roughly $22 million, as part of the deal. As a result of this, Lupin’s value offering and market share in Australia will dramatically improve.
Nilesh Gupta, Managing Director of Lupin, expressed his views about the new acquisition. He said, “This is an important acquisition for our Australian entity and is aligned with Lupin’s strategy to expand and deepen our presence in select markets of focus. The Southern Cross Pharma portfolio builds on our existing portfolio of prescription generics, over the counter and specialty range of products. This investment significantly increases our scale in Australia and reinforces our commitment to patients in Australia.”
CEO of Generic Health, Ashutosh Damle, expressed optimism about the latest acquisition. He said, “The acquisition of SCP marks the next exciting chapter of growth for Generic Health. We will benefit from SCP’s portfolio of over 60 difficult-to-develop generic pharmaceutical products. This substantially strengthens our product offering and enables us to deliver enhanced value for our stakeholders, patients and communities”.