By  Jasleen Batra | From VC Circle

Mumbai-based pharma major Lupin Ltd has entered into an agreement to acquire the balance 40 per cent equity stake in South African generic drugmaker Pharma Dynamics (PD) from its founders, as per a stock market disclosure.

It did not share the transaction value.

Founded in 2001, Cape Town-headquartered PD distributes a range of branded, generic prescription medicines and over-the-counter (OTC) products in South Africa as well as other markets across the African continent.

It is among the top 20 drugmakers in South Africa and the third-largest generics firm in the prescription drugs market in the country.

In 2008, Lupin acquired a strategic 60 per cent equity stake in the firm. The founders of the firm, who had retained a minority stake, are now exercising the put option before March 31, 2015, which would make it a wholly owned company of Lupin.

Today, PD is the top player in cardiovascular pharmaceuticals in its home market and its products also address therapies such as central nervous system (CNS), gastrointestinal, diabetes and gynecological and male health segments. In 2013, it also entered the anti-infective market, supplying IV antibiotics to hospitals.

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