Lupin to acquire additional 40% stake in SA's Pharma Dynamics

MUMBAI: Mumbai-based drugmaker Lupin Inc on Monday said the company will take full control of the South African drug firm Pharma Dynamics by acquiring the remaining 40% in the company.

As per the agreement, the founders will exercise their put option before March 31, 2015, for the 40% equity stake it currently holds. On completion of this transaction, PD will become a whollyowned subsidiary of Lupin, subject to closing conditions.

Lupin did not disclose the valuation size of the deal. At the end of Monday’s trade, shares of the company closed at Rs 1,864 slightly down by 0.77%. In 2008, Lupin had acquired 60% stake in the company to gain a foothold in the South African market, specifically the cardiovascular segment.