LUPIN BUYS 60% IN S AFRICAN GENERIC CO

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LUPIN has acquired 60% stake in Pharma Dynamics, a South African generic marketing firm, for an undisclosed amount. This acquisition—fifth in 12 months—gives Lupin a foothold into the South African market.

“We are looking at creating strong footholds in various markets to register sales of $1 billion by the year end. This year we have allocated Rs 250 crore for R&D and we expect our growth to be more than 40%,” Lupin chairman D B Gupta said. Pharma Dynamics is the sixth-largest generic player in South Africa. It recorded sales of Rand 118 million (nearly $15 million) for the year ended February 2008. It had an EBITA of over 20%.

It sells tuberculosis products in South Africa through a partnership with Aspen and concentrates more on branded generics. The pharmaceutical market in South Africa is estimated to be $2.5 billion, of which the generics segment contributes $700-800 million. “We plan to capture 50-60% of the generics market in the next few years,” Lupin MD Kamal Sharma said.

Lupin also plans to use Pharma Dynamics to expand sales to other African nations at a later stage. Lupin is looking at expanding its presence in the Middle East, Japan, Eastern Europe and North America.

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