Lupin buys anti-cholesterol drug rights for $39 mn

Indian pharmaceuticals major Lupin on Tuesday said it had acquired the rights for Antara, a drug to treat high blood cholesterol and high triglycerides, for $38.61 million from the US-based Oscient Pharmaceuticals.

The rights for the drug, along with related assets and inventories, have been acquired under the procedures of the US Bankruptcy Court, the company said in a regulatory filing with the Bombay Stock Exchange (BSE).

The market for similar fenofibrate drugs was $1.9 billion over the past 12 months, out of which Antara had recorded sales worth $70 million, the Lupin statement said.

"Since Antara is a previously approved, commercial product, our sales and marketing efforts will commence immediately," said Vinita Gupta, group president and chief financial officer for Lupin.

The company had previously filed its own application for fenofibrate capsules but had sold the same to another Indian pharmaceuticals major, Dr Reddy's Laboratories, on September 21, the company said.

Lupin had registered a consolidated revenue of Rs 3,914.5 crore ($783 million) in 2008-09, while its profit after tax stood at Rs 501.5 crore ($100 million).