Lupin To Acquire Generics Company GAVIS for $880 M; Gains First US Mfg Facility
To build its position in the US generics market, Lupin Limited has agreed to acquire GAVIS Pharmaceuticals LLC and Novel Laboratories Inc. (GAVIS) for $880 million. GAVIS, based in Somerset, New Jersey, is a privately held company specializing in formulation development, manufacturing, packaging, sales, marketing, and distribution of pharmaceuticals products. The acquisition enhances Lupin’s scale in the US generics market and also broadens Lupin’s pipeline in dermatology, controlled substance products, and niche generics and will provide Lupin with its first manufacturing facility in the United States.
GAVIS, which had 2014 sales of $96 million, has 250 employees based in New Jersey. The company has 66 abbreviated new drug applications (NDAs) pending approval with the US Food and Drug Administration, with 72% of these filings representing niche dosage forms, and a pipeline of more than 65 products.
GAVIS’ facilities includes 45,000 square feet of R&D and manufacturing space with an additional 105,000 square feet of newly constructed space coming on line by the end of 2015, complemented by 124,000 square feet of packaging and distribution operations.
The deal is subject to certain closing conditions and has been unanimously approved by the boards of directors of Lupin and GAVIS.
In other news, Lupin has formed a strategic asset purchase agreement with Temmler Pharma GmbH & Co. KG, part of Aenova Group, a contract development and manufacturing organization, to acquire Temmler’s specialty product portfolio subject to certain closing conditions.
Based in Marburg, Germany, Temmler has a specialty portfolio of 13 products, including central nervous system (CNS) products and specialty products that address rare disease areas, such as Myasthenia Gravis, Huntington disease and dermatology products for anti-wart treatment.