Shares of Lupin gained 4 percent intraday on November 1 after a media report indicated that the pharma company was talks to sell its Japanese generics subsidiary.
“Lupin is in advanced talks to sell its Japanese generics subsidiary Kyowa Pharmaceuticals for an enterprise value of $600 million to a local player, as it steps up efforts to significantly cut operations in the world’s third largest pharma market,” The Economic Times reported.
An announcement is expected this month,the report quoted people close to the discussions as saying.
Lupin acquired Kyowa Pharmaceutical Industry Company from Sugiura family in 2007.
In August this year, the company sold its Japanese injectables business in Japan to neo ALA Co Ltd, a wholly owned subsidiary of Neopharma group.
Lupin, on November 1, received approval for its supplemental abbreviated new drug application (sANDA) for Levothyroxine sodium tablets USP from the United States Food and Drug Administration, to market a generic equivalent of Levoxyl manufactured by King Pharmaceuticals Research and Development LLC.
Lupin’s Levothyroxine sodium tablet was approved on January 18, 2019 as a generic equivalent of Synthroid, manufactured by ABBVIE Inc, the company said in its BSE filing.
In September, the drug company also received sANDA approval for its Levothyroxine sodium tablets from the USFDA, to market a generic equivalent of Unithroid manufactured by Jerome Stevens Pharmaceuticals Inc.
The stock was quoting at Rs 768.50, up Rs 22.85, or 3.06 percent, on the BSE at 1502 hours.