Mumbai-based drug maker Lupin has said on Wednesday that it has acquired the worldwide rights for Australian therapeutic oil and ointment brand Goanna from Aspen Pharmacare Holdings for an undisclosed sum.
Vinod Dhawan, Lupin’s president for business development in Asia, Africa, the Middle East and Latin America, said, “The Goanna acquisition demonstrates Lupin’s success in, and commitment to, building its brand franchise and equity globally. It underlines Lupin’s differentiated strategy for select markets and is a strategic step that will help us strengthen and grow our brand business.” He has also added that the firm is confident of the deal contributing positively to its topline in the coming years.
Lupin scrips last traded at Rs 441.35 a share, up 0.48 per cent at BSE in a weak Mumbai market.
Founded in 1910, the Goanna brand has more than a century-old history in Australia for providing effective relief from muscular aches and pains, besides curing other related health problems such as arthritis. Lupin plans various extensions of the brand to scale up the business with a range of products in the Australian market.
Goanna is being sold by about 83 per cent pharmacies in Australia, which would also expand the distribution network for Lupin in the country.
The deal was routed through Generic Health Pty Ltd, a pharmaceutical company involved in marketing, selling and distribution of medicines directly to pharmacies and hospitals. The company was founded in 2004 and was acquired by Lupin, which is based in Camberwell, Australia.
The seller Aspen Pharmacare Holdings Ltd is the largest listed pharmaceutical company in South Africa.