India's Lupin buys stake in RP firm


Posted at Mar 27 2009 05:24 PM | Updated as of Mar 28 2009 01:25 AM

MUMBAI - Drug maker Lupin Ltd. said it has acquired a 51 percent stake in Multicare Pharmaceuticals Philippines Inc., marking the Indian firm's foray into the $2.5 billion Philippines pharmaceuticals market.

Financial details were not disclosed but Lupin said the purchase was funded through internal cash accruals.

Multicare Pharmaceuticals, which sells branded generics drugs, reported revenue of about $6 million for the year ended December 2008, Lupin said in a statement late Thursday.

Earlier this month, Lupin's president-finance and planning, S Ramesh, had said the company continues to scout for acquisitions in Asia, eastern Europe, the Gulf region and Latin America.

Last year, Lupin's acquisitions included stakes in South Africa's Pharma Dynamics, Germany's Hormosan Pharma and Australia's Generic Health.