Pharma major Lupin has completed its $880 million acquisition of US generic drug maker Gavis enabling up to ramp up its presence in the market.
US business contributes around 45 per cent of Lupin’s revenue and the deal will enhance its product pipeline in dermatology, controlled substances and high value specialty products.
Gavis has 62 abbreviated new drug applications pending approval with the USFDA and has a pipeline of over 65 products under development. Lupin also gets access to Gavis’s manufacturing facility in New Jersey and this would be its first plant in that country.
Gavis reported a revenue of $98 million in 2014 and is expected to clock revenue of $120 million in 2015. “Gavis has launched a number of products and has received multiple product approvals. We hope to grow the business further. We expect our US business to grow in double digits in FY17,” Lupin’s CEO Vinita Gupta had said to Business Standard in an earlier interaction.
“The Gavis portfolio augments our US business and niche generic pipeline. We plan to leverage the formulation expertise of Gavis to enhance both Lupin’s generic as well as specialty pipeline,” Gupta said in a statement on Wednesday.
Post acquisition Lupin will have a portfolio of over 120 in-market products, over 185 cumulative filings pending approval and a deep pipeline of products under development for the US. The acquisition creates the 5th largest pipeline of ANDA filings with the USFDA, addressing a $63.8 billion market.