Published on : Mar 18, 2015
Lupin has become successful in the agreement to acquire the balance 40 per cent equity stake in South Africa with a major generic drug related proponent, Pharma Dynamics. The deal was signed between Lupin and the founders of Pharma Dynamics.
According to the agreement, the founders will exert their choice to put prior to March 31, 2015, for the equity stake in Pharma Dynamics. Once the transaction is completed, PD will become a completely owned subsidiary of Lupin, subject to closing conditions.
Lupin strategically acquired a 60 per cent equity stake in PD. The Cape Town company is involved in distributing a wide range of OTC products, generic prescription drugs, and branded drugs. They distribute them across South Africa as well as other key markets across Africa.
Currently, PD is one of the 20 fastest growing pharma companies in South Africa. Is the third largest generic company in the SA prescriptions market. It is also the largest supplier of CV pharma drugs in South Africa in terms of both volume and value. PD products also address the therapies such as central nervous system, gynecological, male health, diabetes, and GI.
In 2013, PD penetrated the South African anti-infective market by providing IV antibiotics to hospitals. The OTC products provided by PD in their portfolio include antihistamines, heartburn and cold and flu drugs.
CEO of Pharma Dynamics, Paul Anley, said that Lupin is set to become an extremely strong partner in PD’s business. They have done so since 2008 and have always maintained an excellent relationship. Lupin increasing its PD hold of shares is actually a large compliment and bodes well for the continuation of their success.