ASEAN KEY DESTINATIONS
Indian firm makes inroads into Philippine pharma market
Indian drug maker Lupin Ltd said it has acquired a 51 percent stake in Multicare Pharmaceuticals Philippines Inc, marking the Indian firm's foray into the $2.5 billion Philippines pharmaceuticals market.
Financial details were not disclosed but Reuters quoted Lupin as saying the purchase was funded through internal cash accruals.
Multicare Pharmaceuticals, which sells branded generics drugs, reported revenue of about $6 million for the year ended December 2008, Lupin said in a statement late Thursday.
Last year, Lupin's acquisitions included stakes in South Africa's Pharma Dynamics, Germany's Hormosan Pharma and Australia's Generic Health.
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