INSUBCONTINENT EXCLUSIVE:
Lupin bought Gavis Pharmaceuticals in 2015 in a deal worth $880 million.
Lupin Ltd, India's second-largest drugmaker by revenue, reported a surprise quarterly loss on Tuesday due to a
one-time charge related to the acquisition of US-based Gavis Pharmaceuticals LLC.Shares of the company briefly hit their lowest since May
2013 after the results, and closed 0.5 per cent lower.Net loss was Rs 784 crore ($115.57 million) for the fiscal fourth quarter ended March
31, compared with a profit of Rs 380 crore a year earlier and an estimate of Rs 320 crore profit in a Thomson Reuters poll of 15
analysts.One-time impairment charge was about Rs 1,464 crore on certain assets the company bought as part of the Gavis group
acquisition.Lupin bought privately held Gavis Pharmaceuticals in 2015 in a deal worth $880 million, in a bid to revive its growth in the
United States.Lupin, which specialises in oral contraceptives and drugs to treat diabetes and hypertension, said sales in the United States
headline, this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)For the latest Election
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