Lupin, Symbiotec in JV steroids market

New Delhi, May 10: Pharma major Lupin today said it has made an equity investment for a majority stake in Symbiotec Pharmalab Ltd (Symbiotec), and will form a joint venture with the company focussed on steroids.

Lupin Chairman Desh Bandhu Gupta said, ''This alliance enables us to aggressively pursue our strategic initiative to participate in the steroids formulation business in chosen global markets including US and Europe.'' Investment details for the MoU signed between the companies was unavailable.

It is estimated that the India steroids market is over 10 billion dollars and is growing at about eight per cent annually.

Steroids have a wide application area especially in the field of respiratory dermatology, arthritis, contraceptives and pro-pregnancy applications.

They are applied as life saving drugs because of their unique property to restore the normal functioning of vital body organs in death-like situations.

UNI