Pharmaceuticals firm Lupin Ltd on Friday said it will fully acquire French pharmaceutical company Medisol for 18 million euros (over Rs 160 crore). The company has entered into a definitive agreement to acquire the entire share capital of Medisol, subject to approval from the French Ministry of Economy and Finance, Lupin said in a regulatory filing.

The cost of acquisition is EUR 18 million with upfront EUR 14.5 million plus earn-outs up to EUR 3.5 million, it added.

Founded in 2011, Medisol specialises in generics injectable products and is engaged in developing and commercialising its products in France, in pharmacies and in hospitals.

“With this acquisition, Lupin will gain access to Medisol’s portfolio of seven injectable products across four therapeutic areas, including pain management, anti-inflammatory, cardiovascular diseases, and obstetrics,” the company said.

Lupin CEO Vinita Gupta said the acquisition of Medisol is part of the company’s strategy to expand its presence in the EU and accelerate our injectables franchise in France, France, the second-largest market in Europe for injectables.

“Medisol’s unique product portfolio complements our existing range, enabling us to offer our customers an even more robust selection of high-quality products. This acquisition underscores our unwavering commitment to expanding our presence in the EMEA region and providing superior healthcare to patients,” Lupin President – EMEA Thierry Volle said.

Medisol said with Lupin’s extensive capabilities and expertise in the injectables space, its products will continue to be available to more patients in France after the deal. It had an estimated revenue of EUR 7.3 million in 2022.

The transaction is expected to be completed by July 2023, Lupin said.