Lupin buys U.S. generics firm Gavis for $880 million
Thursday, July 23, 2015
Lupin Ltd, India's fourth-largest drugmaker by sales, said it had agreed to buy privately-held generics company Gavis for $880 million to strengthen its presence in its largest market, the United States.
The deal, which is cash-free and debt-free, widens the company's pipeline in dermatology and controlled substance products, Lupin said in a statement.
The company's shares were down 6 percent at 1,723 rupees as of 3:06 p.m. on the NSE.
in.reuters.com
