Lupin Acquires 51% stake in Multicare Pharmaceuticals Philippines
Lupin Limited today announced the acquisition of a 51% stake in Multicare Pharmaceuticals Philippines, Inc (MC) of Philippines. MC is a premium branded generics company with a strong position in the women’s health and child care segment.
The company reported revenues of Php 272 Mill (approx. USD 6mn) for the year ending December 2008. The acquisition has been made with internal cash accruals by Lupin. This acquisition, which is Lupin’s sixth since 2008, marks the company’s doorway into the USD 2.5 bn pharmaceuticals market in Philippines, currently dominated by multinational companies.
Dr. Kamal Sharma, Managing Director, Lupin Limited said, “This is a very positive step ahead for Lupin to establish its stronghold as a top league generics company in the promising market of Philippines in the ASEAN Region. We have seen immense success with our previous acquisitions, all of which have been lucrative.
Multicare President, Romeo Sy said that the partnership will be of considerable benefit to MC’s position in the generics industry locally. “The equity acquisition by Lupin gives us increased access to international research and development, world-class manufacturing capabilities which will further strengthen our local position
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