Lupin picks up majority stake in Symbiotec

MUMBAI: As part of its plan to expand in the steroids segment, pharmaceutical firm Lupin on Thursday said it has acquired a majority stake in Symbiotec Pharmalab (SP) and has formed a joint venture with the company.

In a communique to the Bombay Stock Exchange, Lupin said it has signed a memorandum of understanding with Symbiotec Pharmalab for a joint venture by making an equity investment for a majority stake.

“This alliance enables us to aggressively pursue our strategic initiative to participate in the steroids formulation business in chosen global markets, including the US and Europe,” Lupin chairman Desh Bandhu Gupta said. The company, however, did not disclose the financial details of its investments in Symbiotec Pharmalab.

“We have proven track record of having achieved global position in every therapy we have entered at API (Active Pharmaceutical Ingredients) level. We would endeavour to repeat the same in the field of steroids as well,” Mr Gupta added.

The global steroid market is estimated to be worth over $10 billion in size and is growing at about 8% annually. Steroids have a wide application especially in the field of respiratory dermatology, arthritis, contraceptives and pro-pregnancy treatment.