Lupin Ltd Expands Global Footprint with Lupin Lanka Incorporation

On August 5, 2024, Lupin Ltd announced the incorporation of Lupin Lanka (Private) Ltd as a wholly owned subsidiary, based in Sri Lanka.

Lupin Lanka is established with a primary focus on the pharmaceutical sector. The subsidiary aims to expand Lupin Ltd’s presence in the Sri Lankan pharmaceutical market, aligning with the company’s global growth strategy. To kick start operations, Lupin Ltd will invest an initial capital of USD 2,00,000 in Lupin Lanka.

As of now, Lupin Lanka has not commenced business, and therefore, details regarding its turnover are not applicable. The incorporation of this subsidiary underscores Lupin Ltd’s commitment to strengthening its foothold in international markets and enhancing its global pharmaceutical portfolio.

Lupin Ltd’s strategic move to incorporate Lupin Lanka reflects its ongoing efforts to tap into new markets and broaden its reach in the pharmaceutical industry. By establishing a wholly owned subsidiary in Sri Lanka, Lupin Ltd aims to leverage local opportunities and cater to the growing demand for pharmaceutical products in the region. This expansion aligns with Lupin Ltd’s objective to deliver high-quality medicines and health solutions to a wider audience globally.

Meanwhile, in July 2024, Lupin announced the divestiture of its U.S. Commercial Women’s Health Specialty Business to Evofem Biosciences, Inc. (OTCQB: EVFM), a U.S. biopharmaceutical company specialising in women’s health. The divested business primarily focuses on the commercialization of SOLOSEC® (secnidazole) 2g oral granules. This FDA-approved, single-dose antimicrobial agent offers a complete treatment for bacterial vaginosis (BV) and trichomoniasis, two prevalent sexual health infections.

Under the terms of the agreement, Lupin could potentially receive up to USD 84 million based on future contingent milestones.

For the fiscal year 2024, Lupin reported net sales of ₹1,96,563 million, up from ₹1,62,700 million in FY 2023. The company’s net profit also saw a significant increase, reaching ₹19,145 million, compared to ₹4,301 million in the previous fiscal year.

About Lupin Ltd

Lupin Ltd is a transnational pharmaceutical company headquartered in Mumbai, India, known for its innovation-driven approach. The company develops and markets a broad range of branded and generic formulations, biotechnology products, and active pharmaceutical ingredients (APIs) across over 100 markets, including the U.S., India, South Africa, and various regions in Asia Pacific (APAC), Latin America (LATAM), Europe, and the Middle East.

On August 06, 2024, the share price of Lupin Ltd opened at ₹1,970.00, touching the day’s low at ₹1,924.20, as of 11:04 AM on the NSE.

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