Drug major on Friday said it will acquire Australia-based Southern Cross Pharma Pty Ltd (SCP).

Incorporated in Melbourne, Australia, SCP is engaged in developing, registering, and distributing generic products.

Generic Health, the Australia based wholly-owned subsidiary of Lupin, has entered into a definitive agreement under which Lupin will acquire 100 per cent of the shares of Southern Cross Pharma Pty Ltd (SCP), Lupin said in a regulatory filing.

The company, however, did not disclose financial details of the transaction.

Lupin said as a part of the transaction, Generic Health will gain access to over 60 registered products having sales of over AUD 30 million (approximately USD 22 million).

This will significantly increase Lupin’s value proposition and market share in the Australian market, the company said.

Nilesh Gupta, Managing Director Lupin said this is an important acquisition for the Australian entity and is aligned with Lupin’s strategy to expand and deepen its presence in select markets of focus.

“The Southern Cross Pharma portfolio builds on our existing portfolio of prescription generics, over the counter and specialty range of products. This investment significantly increases our scale in Australia and reinforces our commitment to patients in Australia,” he said.

Ashutosh Damle, CEO, Generic Health said the company will benefit from SCP’s portfolio of over 60 difficult-to-develop generic pharmaceutical products.