Mumbai, Melbourne, July 30, 2021: Generic Health, the Australia based wholly-owned subsidiary of global pharma major Lupin Limited (Lupin) today announced that it has entered into a definitive agreement under which Lupin will acquire 100% of the shares of Southern Cross Pharma Pty Ltd (SCP).
Incorporated in Melbourne, Australia, SCP is engaged in developing, registering, and distributing generic products. As a part of the transaction, Generic Health will gain access to over 60 registered products having sales of over AUD 30 Mn (approximately USD 22 Mn). This will significantly increase Lupin’s value proposition and market share in the Australian market.
Commenting on the acquisition, Nilesh Gupta, Managing Director Lupin said, “This is an important acquisition for our Australian entity and is aligned with Lupin’s strategy to expand and deepen our presence in select markets of focus. The Southern Cross Pharma portfolio builds on our existing portfolio of prescription generics, over the counter and specialty range of products. This investment significantly increases our scale in Australia and reinforces our commitment to patients in Australia.” “The acquisition of SCP marks the next exciting chapter of growth for Generic Health. We will benefit from SCP’s portfolio of over 60 difficult-to-develop generic pharmaceutical products. This substantially strengthens our product offering and enables us to deliver enhanced value for our stakeholders, patients and communities,” said Ashutosh Damle, CEO, Generic Health.
Neill Stacey, Managing Director and owner of SCP commented, “Over the past 20 years, SCP has had a preference to develop a portfolio of products that are more demanding than the standard generics. I am happy that the reach of Southern Cross Pharma’s products will increase through Lupin and Generic Health.”
Southern Cross Pharma Pty Ltd
Southern Cross Pharma Pty Ltd is a privately owned Australian company established in 2000 and provides pharmaceutical products to the market. Early products were destined for the “over the counter” (OTC) market but the focus evolved towards the supply of prescription products for retail pharmacy and direct marketing of its own-brand product, SXP, to the hospital sector. Southern Cross Pharma now has over 330 entries on the Australian Register of Therapeutic Goods.
Generic Health Pty Ltd
Generic Health Pty Ltd (GH), is 100 % subsidiary of Lupin limited and is headquartered in Melbourne. GH is 4th largest and one of the fastest growing generic pharmaceutical company in Australia. GH markets and distributes over 180 generic products and OTC products under its Generic Health and Pharmacy Action brands through retail and hospital pharmacies across Australia.
Lupin is an innovation-led transnational pharmaceutical company headquartered in Mumbai, India. The Company 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 Asia Pacific (APAC), Latin America (LATAM), Europe and Middle-East regions.
The Company enjoys leadership position in the cardiovascular, anti-diabetic, and respiratory segments and has significant presence in the anti-infective, gastro-intestinal (GI), central nervous system (CNS) and women’s health areas. Lupin is the third largest pharmaceutical company in the U.S. by prescriptions. The company invested 9.6% of its revenue on research and development in FY21.
Lupin has 15 manufacturing sites, 7 research centres, more than 20,000 professionals working globally, and has been consistently recognized as a ‘Great Place to Work’ in the Biotechnology & Pharmaceuticals sector.
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