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Sunday, Oct 01, 2006

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Lupin not to buy Artifex Finance

Our Bureau

Mumbai , Sept. 30

Lupin Ltd will not pursue the memorandum of understanding that it signed in May this year to acquire 51 per cent equity in Belgium's Artifex Finance CVA, along with its subsidiaries including Dafra Pharma Ltd, a company focused on anti-malarials. "Based on subsequent discussions, both the parties have now mutually agreed not to pursue the said MoU and to independently pursue their respective business plans and continue discussions for possible areas of co-operation in the future," the company told the Bombay Stock Exchange.

The Lupin's Managing Director, Dr Kamal K Sharma, however, maintains that Lupin continues to be interested in anti-malarials.

A company source familiar with the development told Business Line that the MoU was to do the due diligence. It was found that the two companies could collaborate without getting into a formalised venture, he said.

It is likely that the two companies could partner to develop products together and sell them into international markets, the source added.

More Stories on : Mergers & Acquisitions | Pharmaceuticals

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