India-based Lupin has signed an agreement to acquire the remaining 40% interest in South African generics maker Pharma Dynamics (PD) on undisclosed terms.
Under the agreement, founders will exercise their option before 31 March for the 40% stake in PD. Subject to closing conditions, PD will become a wholly owned subsidiary of Lupin on completion of the deal.
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Lupin already holds 60% equity stake in PD, which is claimed to be one of the fastest growing top 20 pharmaceutical companies in South Africa and third largest generic firm in the country.
Pharma Dynamics CEO Paul Anley said: "Lupin has been an extremely strong partner in our business since 2008 and we have always had an excellent relationship."
Based in Cape Town, PD supplies a wide range of branded, generic prescription medicines and over-the-counter (OTC) products in South Africa and other crucial markets in the African continent.
PD supplies cardiovascular pharmaceuticals, as well as drugs for therapies such as central nervous system (CNS), gastrointestinal, diabetes, and gynecological and male health.
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By GlobalDataThe OTC product portfolio of the firm comprises antihistamines, cold and flu medication and heartburn treatment. It also entered the South African anti-infective market in 2013, distributing IV antibiotics to hospitals.
Lupin CEO Vinita Gupta said: "We deeply appreciate the efforts of Mr Paul Anley in building Pharma Dynamics into a very robust and the fastest growth pharma major in the Republic of South Africa."
PD’s distributes products such as Amloc (anti-hypertensive), Fedaloc (Nifedipine), Bilocor (Bisoprolol), Texa Allergy (Cetirizine) and Lancap (Lansoprazole) in the South African market.
