Lupin's Metformin US Outlook Stays Sunny; Russian Buy Under Review
Lupin reported a strong set of numbers for the first quarter ended June and expects US sales of its generic version of Glumetza (metformin HCL extended-release tablets) to stay a key contributor despite imminent competition from Sun Pharma, among others. The Indian firm, though, appears to be re-evaluating its Russian acquisition.
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India's Sun Pharma, the world's fifth largest specialty generic company, has snapped up the Russian firm, JSC Biosintez, raising its stakes in a market that has moved decisively towards import substitution.
Kyowa, the Japanese arm of Indian major Lupin, is buying a basket of mature products including CNS drugs Rhythmy and Resmit from Shionogi. As innovator companies seek to shed older products in Japan, generic firms, especially Indian ones, are taking advantage to expand in the world's second largest pharmaceutical market.
Lupin Ltd. has reported stellar numbers for the fourth quarter ended March 2016, buoyed by US sales of its generic version of Glumetza (metformin HCL extended-release tablets), the Valeant Pharmaceuticals International Inc. drug dumped earlier this year by pharmacy benefits manager, Express Scripts Holding Co.