The drug maker expects the transaction to be accretive to earnings in the first year.
The global pharmaceutical major announced signing an agreement to acquire rights to two inhalation medicines, Brovana (arformoterol tartrate) Inhalation Solution and Xopenex HFA (levalbuterol tartrate) Inhalation Aerosol, from Sunovion Pharmaceuticals Inc. (Sunovion) for a purchase price of $75 million.Brovana is indicated for long-term maintenance treatment of bronchoconstriction in patients with chronic obstructive pulmonary disease, including chronic bronchitis and emphysema.
Xopenex HFA is a short-acting beta2-adrenergic agonist (SABA) indicated for the treatment or prevention of bronchospasm in adults, adolescents, and children 4 years of age or older with reversible obstructive airway disease.
The acquisition of these two brands expands Lupin's portfolio of inhalation products in the U.S. and strengthens the company's presence in the respiratory therapy area while continuing to provide patients access to these important medicines.
Vinita Gupta, CEO, Lupin said "We remain focused on strengthening our respiratory franchise in the U.S. We have established a strong position in the respiratory segment with our Albuterol MDI and Brovana authorized generic launch. The addition of these two brands enhances our position in the segment."
Mumbai-based Lupin develops and commercializes a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the U.S., India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe, and Middle East regions.
The drug maker reported a net loss of Rs 89.1 crore in Q1 FY23 as against a net profit of Rs 542.5 crore in Q1 FY22. Total revenue from operations declined 12.3% YoY to Rs 3,743.8 crore during the quarter.
Shares of Lupin fell 0.78% to Rs 688.10 on Wednesday, 19 October 2022.
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