The transaction is subject to customary closing conditions and has been approved by the board of directors of Lupin
Shares of Lupin gained after the drugmaker announced an agreement to sell its Japanese injectables business to neo-ALA Co. Ltd, a wholly-owned subsidiary of Abu Dhabi-based Neopharma group.
Through its Japanese subsidiary, Kyowa, the company had entered into a definitive agreement for the sale of its injectables business and related assets in Japan to neo ALA Co. Ltd, the drug major said in a press release.
"The divestiture of our injectables business in Japan is a step towards streamlining our Japan operations and bringing a sharper focus on building a hybrid (Brand/ generics) pharma model in Japan," Fabrice Egros, president Lupin APAC and representative director of Kyowa, said.
The plant, which is in Atsugi, has been engaged in sales and contract manufacturing of injectable products, the release said.
Lupin has agreed to sell all the issued and outstanding share capital in Kyowa Criticare Co. Ltd to neo-ALA Co.
The transaction is subject to customary closing conditions and has been approved by Lupin’s board of directors.
Lupin was quoting at Rs 738.75, up to Rs 3.55, or 0.48 percent on the BSE.
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