Dutch acquisition marks Lupin’s entry into injectables

Drug-maker Lupin has acquired Dutch company Nanomi BV, marking its entry into the complex injectables space, the company said, without disclosing financial details.

“With the use of Nanomi’s proprietary technology platform, Lupin would be able to make significant in-roads into the niche area of complex injectables,” Vinita Gupta, Chief Executive Officer, said in a statement.

Patented technology Nanomi has patented technology platforms and scientists to develop complex injectable products, which would be backed by Lupin’s research team, the company added. Following its board meeting on Monday, the company said that its net sales for the three months ended December 31 grew 21 per cent to ₹2,983 crore compared with ₹2,465 crore in the corresponding period last year.

Lupin’s net profit was up 42 per cent at ₹476 crore in the quarter under review compared with ₹335 crore in the corresponding period last year. The board of directors approved an interim dividend of 150 per cent.

Forex loss, gain The overall impact of foreign exchange on net profit was a loss of ₹68 crore, of which ₹25 crore forex gain is reflected in other income, while the corresponding forex loss is captured across various other profit and loss lines, the company said. Nilesh Gupta, Managing Director, said that the company’s robust quarter with record profits were driven in particular by strong business growth in the US.“Other markets like India are getting back on track also.

“In addition, our consistent focus on ramping up operational efficiencies has led to higher margins and better profitability," he added. The company’s US formulation sales grew by 31 per cent to ₹1,356 crore in the quarter under review against ₹1,039 crore, in the corresponding period last year, contributing 45 per cent of overall sales.