Indian drug maker Lupin on Friday said it will acquire Australian pharmaceuticals products provider Southern Cross Pharma Pty Ltd.
The acquisition was made through its Australia-based wholly-owned subsidiary Generic Health, Lupin said in a statement.
It, however, did not disclose the financial details of the transaction.
The acquisition will give Generic Health access to over 60 registered products that have sales of over $22 million.
Nilesh Gupta, managing director, Lupin, said that the acquisition is in line with Lupin’s strategy to expand and deepen its presence in select markets of focus.
"This investment significantly increases our scale in Australia and reinforces our commitment to patients in Australia," he added.
Southern Cross Pharma was established in 2000. Its early products were initially aimed at the over the counter (OTC) market but the focus evolved towards the supply of prescription products for retail pharmacy and direct marketing of its own-brand product.
It currently has more than 330 entries on the Australian Register of Therapeutic Goods.
Generic Health markets and distributes over 180 generic products and OTC products under its Generic Health and Pharmacy Action brands.
According to Lupin's latest annual report, Generic Health showed resilience during the pandemic and reported strong FY21 revenues of AUD 57 million.
It launched more than 10 new products during the year, including a niche generic product having limited competition in the weight management therapy area.
Lupin develops branded and generic formulations, biotechnology products and APIs in over 100 markets in the US, India, South Africa and across Asia Pacific (APAC), Latin America, Europe and Middle East regions.
It has 15 manufacturing sites and seven research centres.