BANKRUPTCY PLAYS

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INDIA'S LUPIN BUYS US MKT RIGHTS OF ANTARA DRUG FOR US$38.61 MLN

Tuesday , September 29, 2009 22:58ET

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MUMBAI, Sep 30, 2009 (AsiaPulse via COMTEX) -- India's Lupin Pharmaceuticals (BSE:500257)has bought the US marketing rights of cholestrol-lowering drug Antara and related assets from bankrupt American entity Oscient Pharmaceuticals for US$38.61 million.

In a filing to the Bombay Stock Exchange, Lupin said it paid US$38.61 million for the product and related assets, inclusive of inventory.

The firm has acquired the US rights for Antara (Fenofibrate capsules in the strength of 43 mg and 130 mg) on September 25, under the procedure of US bankruptcy court.

Earlier, Lupin had filed an Abbreviated New Drug Application (ANDA) for Fenofibrate capsules of the same composition.

"On September 21, 2009, prior to the acquisition of Antara, Lupin sold its ANDA to Dr Reddy's Laboratories. Lupin also settled and resolved the pending litigation regarding the ANDA product," the filing said.

Acquisition of Anatara would enable Lupin to enter the primary care market with a three-product portfolio. The two other products are Suprax, used for treating bacterial infections, and Allernaze, prescribed for various allergies.

The filing noted that the firm would be more than doubling its sales force size in the next 12 months to reach key targets for these products.

"The Antara acquisition demonstrates Lupin's success in and commitment to building its brand franchise and equity in the US. Antara is a step forward that will help us strengthen and grow our brand business.

"Since Antara is a previously approved, commercial product, our sales and marketing efforts will commence immediately and we are optimistic of it contributing positively to our top line and bottom line in the coming quarters and years," Lupin President and CFO Vinita Gupta said.

According to a data from drug sales tracking agency IMS, Antara recorded a net sales of USD 70 million in 2008.

(PTI) cg

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