Mumbai (Maharashtra) [India], Aug 22 (ANI): Pharma major Lupin Ltd said on Thursday that it has entered into a definitive agreement for the sale of its Japanese injectables business and related assets to Neo Ala Co Ltd, a wholly-owned subsidiary of Neopharma Group which is the UAE's largest pharmaceutical manufacturer headquartered in Abu Dhabi.
The plant and associated facilities are based out of Atsugi in Japan. It has been engaged in sales and contract manufacturing of injectable products to meet various medical needs.
Under the terms of the agreement, Lupin has agreed to sell all the issued and outstanding share capital in its subsidiary Kyowa Criticare Co Ltd to Neo Ala. The transaction is subject to customary closing conditions and has been approved by the board of directors of Lupin.
The transaction does not involve or affect the other operations of Kyowa, namely research, manufacturing, marketing and distribution of oral solids and other dosage forms in Japan.
"The divestiture of our injectables business is a step towards streamlining our Japan operations and bringing a sharper focus on building a hybrid (brand/generics) pharma model," said Fabrice Egros, President of Lupin Asia Pacific and Representative Director of Kyowa.
Suresh Nandiraju, Chief Operating Officer of Neopharma, said: "This acquisition is synergetic and will strengthen our product offerings in the Japanese market, a focus market for Neopharma group for driving long-term, sustainable growth by leveraging our global presence."Lupin is the eighth largest generics pharmaceutical company by revenues globally. (ANI)