Lupin acquires stake in Generic Health, Australia
Mumbai, Aug 21 (UNI) Pharma major Lupin Ltd has acquired a minority stake in Generic Health Pty Ltd, an Australian owned and operated generic pharmaceutical company.
Melbourne headquartered Generic Health, marketed a wide range of quality generic prescription and OTC products through its highly competent and sustainable partnerships, Lupin said in a release here.
Generic Health has plans to become a significant player in the Australian generics pharmaceutical industry as is evident from its acquisition of Bellwether Pharma and strategic alliance with Actavis.
Australia is one of the leading global markets with sales of over Australian dollar 10 billion (including branded generics and OTC) witnessing a rapid genericisation. Current size of generics business including branded generics is Aus dollar 3 bn. Lupin has established its presence in this market through partnership business model.
It has filed 16 dossiers of generic products with a total market size of about Aus dollar 850 million and has approvals for 14 of these. Through Generic Health, Lupin will further enhance its product reach and market penetration.
Commenting
on
the
development,
Vinod
Dhawan,
President
of
AAMLA
region,
said
''Our
investment
in
Generic
Health
reflects
our
commitment
to
expand
our
business
in
Australia.
We
have
built
a
significant
business
in
this
market
leveraging
our
existing
alliances
with
leading
local
generic
companies,
which
we
will
continue
to
nurture
and
grow.'' Expressing
his
delight
over
the
deal,
Gavin
Upiter,
Managing
Director
of
Generic
Health,
said
''The
new
investment
arrangement
with
Lupin
will
greatly
contribute
to
our
longer
term
market
share
ambitions.
Lupin's
equity
investment
will
result
in
no
change
in
the
day-to-day
operations
of
Generic
Health.''
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