Lupin in JV with Symbiotec, eyes steroids mkt

Lupin today said it has made an equity investment in Symbiotec Pharmalab, a company focused on steroids, for a majority stake, in a bid to tap the over $10 billion steroids market which is growing at about 8% annually.

The company has signed a memorandum of understanding with Symbiotec Pharmalab (Symbiotec), for a joint venture by making an equity investment in Symbiotec for a majority stake, Lupin said in a release to the BSE.

"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," Desh Bandhu Gupta, chairman, Lupin, said.

Steroids have a very wide application area especially in the field of respiratory dermatology, arthritis, contraceptives and pro-pregnancy applications. Steroidal hormones can be formulated in various forms like injectables, inhalers, liquid, oral as well as semi-solid forms.

"We have a proven track record of having achieved global position in every therapy we have entered at API level. We would endeavour to repeat the same in the field of steroids as well," Gupta added.