Lupin a Mumbai, India-based pharmaceutical company, has agreed to sell its entire stake in its Japanese subsidiary, Kyowa Pharmaceutical Industry Co., for JPY 57.4 billion ($527 million) to the private-equity firm, Unison Capital Partners. The Board of Directors of Lupin approved the transaction as of November 11, 2019.

Under the agreement, Lupin’s subsidiary, Nanomi BV, will divest its entire stake (99.82%) in Kyowa to Unison’s entity, Plutus Ltd. for an enterprise value of JPY 57.4 billion ($527 million), subject to closing adjustments. The divested business recorded revenues of JPY 28.3 billion ($261 million) in FY 2019

Lupin says Kyowa will continue its existing research and development and manufacturing business ties with Lupin and will look to further develop business opportunities together in Japan.

The transaction is subject to customary closing conditions, including approval by Lupin’s shareholders. The transfer of shares is scheduled to be completed by the end of March 2020.

Source: Lupin Ltd., Unison Capital