Drugmaker Lupin on Thursday said it has completed the acquisition of a portfolio of brands from Anglo-French Drugs & Industries Limited (AFDIL) and its associates.
The acquisition will strengthen the company's India formulation business by adding a fast-growing portfolio of vitamins, minerals, supplements, and neurological products, the Mumbai-based drugmaker said in a statement.
The acquisition of the AFDIL brands takes the company further in shaping its portfolio to emerge as a leading pharmaceutical company in India, it added.
"India is critical in shaping Lupin's growth story going forward. This acquisition strengthens our position in the Indian market, where we have already established ourselves as a leading provider of quality pharmaceuticals and a trusted partner," Lupin Managing Director Nilesh Gupta noted.
With this portfolio, the drug maker will have a stronger market presence, providing healthcare professionals and patients with a more meaningful and comprehensive product offering, he added.
"The portfolio sold to Lupin was birthed by Anglo-French, and now, through this divestiture, we are confident that these brands will scale to a significant size and have a large impact on the health and well-being of the Indian population. We are confident in Lupin's ability to enhance the value of our portfolio of brands," AFDIL Chairman & MD Abhay Kanoria stated.
Lupin's board in its meeting held on January 17 this year had approved the acquisition for a lump sum cash consideration of Rs 325 crore.