Lupin acquires Symbiomix Therapeutics

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Lupin has announced that it’s US subsidiary has acquired Symbiomix Therapeutics for a total cash consideration of US%150 million (nearly Rs 980 crore).

The acquisition has been made for a cash consideration of USD 150 million, including USD 50 mn upfront payment and other time-based ones, the company added.

Last month, the US FDA approved Symbiotix’s lead product Solosec which is used for treatment of bacterial vaginosis in adult women and Lupin expects to launch the product by mid-2018.

The stock was lower by 1% at Rs. 1049.The stock has hit a high of Rs. 1068 and a low of Rs. 1048.