Mumbai, Aug 21 (UNI) Pharma major Lupin Ltd has acquired a minority stake in Generic Health Pty Ltd, an Australian owned and operated generic pharmaceutical company.

Melbourne headquartered Generic Health, marketed a wide range of quality generic prescription and OTC products through its highly competent and sustainable partnerships, Lupin said in a release here.

Generic Health has plans to become a significant player in the Australian generics pharmaceutical industry as is evident from its acquisition of Bellwether Pharma and strategic alliance with Actavis.

Australia is one of the leading global markets with sales of over Australian dollar 10 billion (including branded generics and OTC) witnessing a rapid genericisation. Current size of generics business including branded generics is Aus dollar 3 bn. Lupin has established its presence in this market through partnership business model.

It has filed 16 dossiers of generic products with a total market size of about Aus dollar 850 million and has approvals for 14 of these. Through Generic Health, Lupin will further enhance its product reach and market penetration.

Commenting on the development, Vinod Dhawan, President of AAMLA region, said ''Our investment in Generic Health reflects our commitment to expand our business in Australia. We have built a significant business in this market leveraging our existing alliances with leading local generic companies, which we will continue to nurture and grow.'' Expressing his delight over the deal, Gavin Upiter, Managing Director of Generic Health, said ''The new investment arrangement with Lupin will greatly contribute to our longer term market share ambitions. Lupin's equity investment will result in no change in the day-to-day operations of Generic Health.'' UNI VK SSS NP1704