Lupin arm to acquire 43.38% stake in Multicare Pharmaceuticals Philippines for US $39.6 m

Drugmaker Lupin Ltd said its arm will acquire a 43.38% stake in Multicare Pharmaceuticals Philippines, Inc. (MPPI) in a deal valued at up to US $39.6 million, as it moves to strengthen its presence in the Philippines market.

The acquisition will be carried out by Nanomi B.V., the Netherlands-based wholly owned subsidiary of Lupin, which has entered into definitive agreements with certain existing shareholders of MPPI to purchase 11,794,497 shares. The shares represent 43.38% of the total outstanding paid-up equity of the Philippine firm.

Nanomi already holds 56.28% in MPPI, which is engaged in trading, importing, marketing and distributing pharmaceutical products and medical devices in the Philippines.

According to Lupin, the proposed acquisition is aimed at strengthening the company’s market standing in the Philippines through its subsidiary Nanomi and enabling deeper integration of MPPI’s operations.

The company said the move will also provide strategic flexibility, allowing it to unify emerging-market businesses and unlock long-term value.

The transaction will be completed for a cash consideration of up to US $39.6 million or its equivalent in other currencies.

Lupin added that the acquisition falls under related party transactions and the approval of the audit committee has been obtained. However, none of the promoters or promoter group entities have any interest in the proposed transaction, the company said.

A valuation report from Ernst & Young Merchant Banking Services LLP has been obtained to determine the fair value of MPPI shares, and the acquisition will be carried out on an arm’s-length basis.

The deal is expected to be completed by the end of May 2026, subject to certain closing conditions.

Also read: Lupin gets USFDA tentative approval for Sugammadex surgical drug

Shares of Lupin ended at ₹2,274.50 on the NSE, down ₹39.40 or 1.70%.