Lupin acquires GAVIS to expand U.S. generic business
Friday, July 24, 2015
Lupin, a pharmaceutical headquartered in Mumbai, has entered into a definitive agreement to acquire privately held GAVIS Pharmaceuticals and Novel Laboratories, subject to certain closing conditions, for $880 million, cash-free and debt-free.
The transaction has been unanimously approved by the boards of directors of Lupin and GAVIS. The acquisition enhances Lupin’s scale in the U.S. generic market and also broadens Lupin’s pipeline in dermatology, controlled substance products and other high-value and niche generics. GAVIS brings to Lupin a U.S.-based R&D organization, which would complement Lupin’s Coral Springs, Fla. inhalation R&D center. GAVIS’ New Jersey–based manufacturing facility will become Lupin’s first manufacturing site in the U.S.
New Jersey based GAVIS is a privately held company specializing in formulation development, manufacturing, packaging, sales, marketing and distribution of pharmaceuticals products. GAVIS currently has 66 ANDA filings pending approval with the FDA and a pipeline of more than 65 products under development. Seventy-two percent of these filings pending approvals represent niche dosage forms.