New Delhi, Feb. 3: Drug major Lupin today announced the acquisition of Netherlands-based Nanomi BV for an undisclosed amount.
With this, the company has made its foray into the technology-intensive injectables space, Lupin Ltd said in a statement.
“With the use of Nanomi’s proprietary technology platform, Lupin will be able to make significant in-roads into the niche area of complex injectables,” Lupin chief executive officer Vinita Gupta said.
Nanomi has a rich talent pool of scientists who will be backed by Lupin’s global R&D and manufacturing teams, the Mumbai-based firm said.
Lupin shares closed at Rs 921.90 on the BSE, up 4.52 per cent.
The drug firm posted a 42 per cent increase in consolidated net profit at Rs 476.1 crore in the quarter ended December 31 on strong sales in the US.
It had reported a profit of Rs 335.2 crore in the same period last fiscal.
Net sales rose 21 per cent to Rs 2,983 crore from Rs 2,465.9 crore a year earlier.
“We have had a robust quarter with record profits, driven in particular by strong business growth in the US,” Lupin Ltd managing director Nilesh Gupta said in a statement.
Other markets such as India are getting back on track also. In addition, the company’s focus on ramping up operational efficiencies has led to higher margins and better profitability, he added.