Lupin Coughs Up $150 Million Cash for This New Jersey-Based Biopharma
Published: Oct 12, 2017
October 11, 2017
By Alex Keown, BioSpace.com Breaking News Staff
MUMBAI, India – Lupin Inc., the U.S. subsidiary of India-based Lupin, plunked down $150 million to acquire New Jersey-based Symbiomix Therapeutics and its recently approved bacterial vaginosis treatment.
Lupin said the deal will allow the company to expand its U.S. women’s health business into “the highly-complementary gynecological infection sector.” Lupin’s women’s health business is anchored by Methergine, an ergot alkaloid used for the prevention of postpartum hemorrhage.
In September, the U.S. Food and Drug Administration approved Symbiomix's Solosec, a potent, next-generation, 5-nitroimidazole antibiotic with enhanced pharmacokinetic properties, developed to treat bacterial vaginosis (BV) in adult women. Solosec is the only single-dose oral therapy for BV that has been approved by the FDA. Bacterial vaginosis is one of the most common gynecological infections. Physicians hand out more than six million BV prescriptions in the U.S. annually, Lupin said.
It is estimated that BV affects about 21 million women between the ages of 14 to 49 annually in the United States. Solosec, which is a granular powder patients sprinkle onto soft foods such as yogurt, is expected to hit the market in mid-2018. The once-per-day dosing is expected to help patients battle off the infection due to the greater ease of compliance when taking the medication. Lupin said this morning that compliance with the leading BV treatment, which required two doses per day, “has been shown to be only approximately 50 percent.” Because of that, the company said many BV patients have a recurrence within 12 months.
Vinita Gupta, chief executive officer of Lupin, said the acquisition of Symbiomix is “an important milestone” in the growth of the company’s specialty business. With the FDA approval of Solosec, Gupta said the treatment provides the company with a new therapeutic for obstetricians and gynecologists to treat a “serious health condition they see frequently in their practices."
Under terms of the deal, privately-held Symbiomix will receive $50 million in an upfront payment with the remaining $100 million being spread out over a period of time. Lupin said it is using internal funds to finance the deal, which was closed today.
With the acquisition of Symbiomix complete, Lupin may already be on the hunt for its next M&A target. India-based Business Standard noted the company has been on the lookout for specialty pharmaceutical products to supplement its generic drugs revenue stream. In September, Lupin tapped former Alexion Pharmaceuticals executive Jim Loerop as its chief corporate development officer to oversee mergers and acquisitions and the company’s expanding business strategy.