Mumbai-based Pharma Major Lupin Ltd. plans to expand in the U.S. generic drug market by picking up Gavis Pharmaceuticals LLC and Novel Laboratories Inc. in an $880 million deal.
Gavis, headquartered in Somerset, New Jersey, formulates, markets and distributes pharmaceutical products, including generic versions of MiraLax and Plan B One-Step. Novel Laboratories Inc., which is part of Gavis, is a research and development business that commercializes medication.
Gavis has a manufacturing facility in New Jersey, which will be Lupin's first U.S. site.
Lupin develops branded and generic medications for cardiovascular, diabetes, asthma, pediatric, anti-infection and other uses.
Other recent pharmaceutical deals include Cathay Capital Private Equity's investment in pharmaceutical development business Cenexi Group, and a CVC Capital Partners-led consortium's purchase of pharma company Alvogen.