Mumbai-based drug major Lupin has acquired over 30 per cent stake in Generic Health Pty Ltd.

Generic Health Pty Ltd is leading company in the Australian market. It is headquartered in Melbourne, Australia. It was founded by managing director, and a pharmaceutical executive, Gavin Upiter in 2004.

Generic Health Pty Ltd markets generic drugs and over-the-counter (OTC) products in the Australian market with other generic drug makers. The company sells approximately $500 million drugs in the Australian market. Australia has A$10 billion generic market at present which gives a good business scope to Lupin in the country.

Lupin recorded a turnover of Rs 2,773 crore last year. It has 16 product registrations in Australia. Its 14 product registrations deal with cardio-vascular drugs, central nervous system drugs and cephalosporin. The current acquisition would help to market these products in the Australian market.

A senior executive of Lupin and in-charge of the Australian region, Vinod Dhawan said that the company will make alliance with leading local generic companies to further expand its business.

The shares of Lupid are sailed at loss of 1.48 per cent to Rs 725 on the BSE on Thursday.