Lupin Limited, a global pharmaceutical company, on Friday (August 18) announced that it has acquired German brands Ondero and Ondero - Met from Boehringer Ingelheim International. The company has entered into an acquisition agreement in August 2022 through a cash consideration of €26 million, it said in a regulatory filing.

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The pharma major has been marketing Ondero and Ondero - Met since 2015 in the Indian market as part of a comarketing agreement with Boehringer Ingelheim India, the company said.

According to Lupin, an estimated 77 million people above the age of 18 years in India have Type-2 Diabetes, while nearly 25 million are pre-diabetic, at higher risk of developing diabetes in the future. "Ondero (Linagliptin) and Ondero - Met (Linagliptin + Metformin) are the gold standard in diabetes management," it said.

"This acquisition strengthens Lupin's commitment to providing superior treatment options for patients navigating the complexities of diabetes," Lupin said in a statement.

"Lupin is at the forefront of providing quality pharmaceutical products to patients. With the acquisition of Ondero and Ondero - Met, we continue to offer a wide portfolio of products to enable access to medication for patients, and further consolidate our position as a market leader in the anti-diabetes segment,” said Nilesh Gupta, Managing Director, Lupin.

Commenting on the acquisition, Rajeev Sibal, President – India Region Formulations, Lupin said, “The disease burden of diabetes is constantly increasing fueled by the prevalence of obesity and unhealthy lifestyles. This important acquisition reflects our steadfast dedication in empowering healthcare professionals to combat the growing menace of diabetes in India and significantly improve the lives of those facing this challenging disease.”

Lupin, on August 16, said that it has received approval from the US Food and Drug Administration (FDA) for its abbreviated new drug application for a generic version of Bromday Ophthalmic Solution 0.09 percent, which is produced by Bausch & Lomb Inc.

Earlier, the company said that its unit-2 manufacturing facility located at Mandideep in India has successfully completed a GMP inspection by the United States Food and Drug Administration (USFDA).

Furthermore, earlier in August, Lupin's New Jersey-based subsidiary Novel Laboratories Inc received approvals from the US FDA for two variations of the fluocinolone acetonide oil. The estimated annual sales of the approved combination are around $10 million in the US.

Lupin Q1 numbers

The pharma company posted a consolidated net profit of Rs 453 crore for the June 2023 quarter, as against a consolidated net loss of Rs 86.8 crore in the same quarter a year ago. Lupin's net profit for the period topped analyst’s estimate of Rs 276 crore, pegged by a consensus of several brokerages.

The Mumbai-based drug company also witnessed a 28.6 percent rise in revenue at Rs 4,814 crore, compared to Rs 3,743.8 crore in the year-ago period.

The Street had pegged revenue for the company at Rs 4,530.9 crore for the reporting quarter.

Its EBITDA came in at Rs 879.1 crore as against Rs 237.9 during the same quarter a year ago, while EBITDA margins stood at 18.5 percent in the quarter, up 1190 basis points compared with the same period a year ago.

Shares of Lupin Ltd were trading 2.36 percent lower at Rs 1,066.35 apiece on the NSE in today's late afternoon deals.

First Published:Aug 18, 2023 3:25 PM IST