PD will become a wholly-owned subsidiary of Lupin, subject to closing conditions
Lupin has entered into an agreement to acquire the balance 40 per cent equity stake in South African generics major, Pharma Dynamics(PD) from its founders. The founders will exercise their put option before March 31, 2015, for the 40 per cent equity stake it currently holds. On completion of this transaction, PD will become a wholly-owned subsidiary of Lupin, subject to closing conditions.
Headquartered in Cape Town, South Africa (SA) Pharma Dynamics was founded in the year 2001 and distributes a range of branded, generic prescription medicines and over-the-counter (OTC) products in SA as well as other key markets across the African continent.
Talking about the development, Paul Anley, Chief Executive Officer, Pharma Dynamics said, “Lupin has been an extremely strong partner in our business since 2008 and we have always had an excellent relationship and the fact that Lupin has increased its shareholding in Pharma Dynamics is a huge compliment and augers very well for our continued success.”
Vinita Gupta, Chief Executive officer, Lupin said, “We are delighted with this development as Africa is fast emerging as one of the growth engines of the future. We deeply appreciate the efforts of Paul Anley in building Pharma Dynamics into a very robust and the fastest growth pharma major in the Republic of South Africa. We are pleased that Paul Anley has agreed to continue as the CEO.’
EP News Bureau – Mumbai
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