Lupin Divests US Women’s Health Specialty Business To Evofem Biosciences For $84 Million
The deal includes provisions for potential milestone payments totaling up to $84 million based on future performance targets.
Lupin Ltd. announced the divestment of its United States' commercial women's health specialty business to Evofem Biosciences Inc., a leading US biopharmaceutical company specialising in women’s health.
The deal, focused on Lupin’s flagship product SOLOSEC (secnidazole) 2g oral granules, includes provisions for potential milestone payments totalling up to $84 million based on future performance targets, according to an exchange filing.
Lupin’s decision to divest this business segment aligns with its objective of consolidating its US specialty operations around core therapeutic areas such as respiratory and neurological diseases.
SOLOSEC is an FDA-approved single-dose antimicrobial treatment designed to address bacterial vaginosis and trichomoniasis, two prevalent sexual health infections.
Dr. Fabrice Egros, president of global corporate development at Lupin, expressed satisfaction with the transaction, highlighting its role in refining Lupin’s US business strategy. He emphasised Lupin’s commitment to enhancing synergy and focusing on areas where the company possesses distinct competitive advantages.
Lupin operates across more than 100 markets globally, including the US, India, and regions spanning Asia Pacific, Latin America, Europe, and the Middle East.
Evofem Biosciences, currently engaged in a merger agreement with Aditxt, Inc., expects to finalise the transaction in the latter half of 2024.
Shares of Lupin Ltd. closed 1.95% higher at Rs 1,832.75 apiece on the BSE, compared to a 0.18% advance in the benchmark Sensex.
