Lupin rallies over 1% on acquisition plans, USFDA HIV drug approval

NEW DELHI: Lupin Ltd rallied as much as 1.5 per cent in trade on Monday on reports that that the drug major is eyeing acquisitions in various global markets, including the US, Latin America and Europe, as it looks to bolster its presence overseas.

The pharma major also received US health regulator's approval to market a generic version of ViiV Healthcare's Epivir Tablets, used in treating HIV infection, in the American market.

The Mumbai-based firm has received final approval from the US Food and Drug Administration (USFDA) for its Lamivudine tablets in strengths of 150 mg and 300 mg, Lupin Ltd said in a statement on Friday.

At 09:30 a.m.; Lupin was trading 1.1 per cent higher at Rs 1421. It hit a low of Rs 1417.45 and a high of Rs 1427.65 in trade today.

The company is also eyeing global markets including the US, Latin America and Europe to expand its presence overseas. Lupin is looking for meaningful targets in the inhalation, complex injectables and derma space.

"When it comes to new markets, Lupin would go in for a deeper dive in the Latin American continent as well as Europe," Lupin Ltd CFO Ramesh Swaminathan told PTI.

In terms of markets that the company is most likely to acquire in - they would be the US, Latin America, Europe (Russia, Turkey), Japan and China, he added.

"We continue to be on the lookout for meaningful targets in the inhalation, complex injectables and derma space," Swaminathan said.