MUMBAI Feb 3 Indian drugmaker Lupin Ltd
on Monday beat estimates with a 42 percent growth in
quarterly net profit and announced the acquisition of a
Netherlands-based company that provides technology to develop
The company, India's No. 2 pharmaceutical company by market
value, did not provide the financial details of the acquisition
of Nanomi B.V., which has patented technology platforms to
develop complex injectable medicines.
"We have been wanting to get into injectables for the
longest time but we wanted to get into differentiated products.
We really liked the Nanomi technology," Managing Director Nilesh
Gupta told Reuters.
"It's going to be a while before we get it translated into
products but we were very interested in acquiring the technology
and then build off it," he said.
Lupin's net profit in the December quarter rose 42 percent
to 4.8 billion rupees ($76.61 million) on the launch of new
drugs in its key U.S. market, including the generic version of
Eli Lilly & Company's Cymbalta used for treating major
Analysts had expected Lupin's December-quarter net profit to
be at 4.3 billion rupees, according to Thomson Reuters data.
The company expects to maintain its current pace of launch
of four to five generic drugs each quarter in the United States,
which accounted for 45 percent of its sales in the third
quarter, in the near future, Gupta said.
Shares of Lupin, which has a market value of more than $6
billion, rose as much as 4.9 percent after the results.
($1 = 62.6550 Indian rupees)
(Reporting by Sumeet Chatterjee; Editing by Sunil Nair)