Lupin Completes $150-Million Acquisition of Symbiomix TherapeuticsBy
Lupin, a Mumbai, India-headquartered pharmaceutical company, has completed its $150-million acquisition of Symbiomix Therapeutics, a Newark, New Jersey-headquartered biotechnology company. Lupin agreed to acquire the company earlier in 2017.
The acquisition was made for a cash consideration of $150 million, including $50-million upfront and other time-based payments. In addition, there are sales-based contingent payments.
Symbiomix is a privately held company focused on therapies for gynecologic infections. The acquisition of Symbiomix expands Lupin’s women’s health specialty business, which is presently anchored by Methergine (methylergonovine) tablets, a drug for treating severe bleeding from the uterus after childbirth.
In September 2017, the US Food and Drug Administration (FDA) approved Symbiomix’s lead product, Solosec (secnidazole), a drug for treating bacterial vaginosis (BV). Lupin expects Solosec to be commercially available by mid-2018. The drug has been designated as a Qualified Infectious Disease Product (QIPD) by the FDA for treating BV.
QIDP designation, provided under the Generating Antibiotic Incentives Now (GAIN) Act, offers certain incentives for the development of new antibiotics, including a five-year extension of the data exclusivity provisions under the Hatch-Waxman Act and priority review of the new drug application when filed, according to information from the FDA.
Source: Lupin Pharmaceuticals