Lupin sells US-based women health speciality biz to Evofem
Lupin divested women's health speciality business in the US to Evofem Biosciences for a potential total consideration of up to $84 million.
Drug maker Lupin on Monday said it has divested women's health speciality business in the US to Evofem Biosciences Inc for a potential total consideration of up to $84 million.
The company's US Commercial Women's Health Specialty Business is focused on commercialising Solosec (secnidazole) 2g oral granules.
The FDA-approved single-dose antimicrobial agent provides a complete course of therapy for the treatment of bacterial vaginosis (BV) and trichomoniasis, two common sexual health infections.
Under the terms of the deal, Lupin can receive a potential total consideration of up to $84 million based on future contingent milestones, Lupin said in a statement.
"This divestment is another step in aligning our US speciality business with our strategic plan to build our speciality business in therapeutic areas where we have building blocks of synergy. These include respiratory and neurological diseases," Lupin President Global Corporate Development Fabrice Egros said.
Evofem CEO Saundra Pelletier said the acquisition of the business aligns and advances the company's mission to improve access to innovative and differentiated options that impact women's daily lives.
"We can now fully leverage our commercial infrastructure, maximise our strong physician relationships, and re-launch an asset with tremendous growth potential," she added.
Shares of Lupin settled 1.95% higher at Rs 1,832.10 apiece on the BSE.
Edited by Megha Reddy