Mumbai-based drug-maker Lupin said it has acquired the US rights for Antara, a cholesterol-lowering drug, from US firm Oscient Pharmaceuticals, which has filed for bankruptcy.
Lupin will pay $38.61 million for Antara rights and the deal will cover all assets related to the product including inventory.
The fenofibratic market, which the drug addresses, is pegged at $19 billion in the US for the last 12 months, according to a company statement. Antara has a 4.5% market share and its revenue grew 20% year. Antara has posted net sales of $70 million in 2008.
Prior to the acquisition of Antara, Lupin, which had filed for an ANDA (Abbreviated New Drug Application) for Antara generic (fenofibrate capsules), sold off the ANDA to Dr Reddy's, the statement said.
“Antara acquisition underlines Lupin’s differentiated strategy for the US market. It will help grow our brand business overseas,” Vinita Gupta, group president and CEO, Lupin, said in the statement.
Lupin posted net sales and profit of Rs 3914.5 crore and Rs 501.5 crore respectively in the financial year ended in March 31, 2009. In June 2009, Lupin acquired AllerNaze, a nasal spray from London-based Collegium Pharmaceutical.
