Lupin, one of the leading pharmaceutical company, has acquired the rights for Antara for $38.61 million from the US-based Oscient Pharmaceuticals.

The company stated in a communiqué that rights for the drug, along with related assets and inventories, have been acquired under the procedures of the US Bankruptcy Court.

The drug is used to treat high blood cholesterol and high triglycerides. Fenofibrate capsules had $70 million (Rs 337.5 crore) worth of sales in the US market in 2008.

The company acquired the right for Antara by out-bidding Akrimax Pharmaceuticals and private equity player Paul Capital.

It should be noted that Lupin had previously filed its own application for fenofibirte capsules but had sold the same to another Indian pharmaceuticals major, Dr. Reddy's Laboratories, on Sep 21.