Lupin Limited has informed the Exchange about signing of definitive agreement for Acquisition of minority shareholding in Multicare Pharmaceuticals Philippines, Inc., by Nanomi B.V., the Netherlands, a wholly owned subsidiary of the Company.
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Lupin's wholly owned subsidiary Nanomi B.V. has signed a definitive agreement to acquire 43.38% minority shareholding in Multicare Pharmaceuticals Philippines, Inc. (MPPI) for up to USD 39.6 million in cash. This involves acquiring 11,794,497 shares from existing shareholders. Nanomi currently holds 56.28% in MPPI, and this acquisition will bring its stake to 99.66%, making MPPI a nearly wholly owned subsidiary. MPPI is engaged in trading, importing, marketing, and distributing pharmaceutical products and medical devices in the Philippines with FY25 turnover of PHP 2,096.6 million. The transaction is expected to complete by end of May 2026, subject to closing conditions. The acquisition qualifies as a related party transaction and has been approved by the Audit Committee on an arm's length basis.
The acquisition will strengthen Lupin's market standing in the Philippines and allow substantial integration of MPPI's operations. This is a positive development for shareholders as it consolidates control over a key emerging market subsidiary, potentially improving operational efficiency and unlocking long-term value.