Lupin said Nanomi inked definitive agreements to acquire the minority shareholding from certain existing shareholders of MPPI to acquire 1.1 crore shares, which account for 43.38% of its total outstanding paid up shares. Currently, Nanomi holds 56.28% stake in MPPI for up to $39.6 million.
The transaction is expected to be completed by May 2026, subject to certain closing conditions.
Multicare Pharma is headquartered in Philippines and is engaged in trading, importing, marketing and distributing pharma products and medical devices, Lupin said in an exchange filing.
The proposed acquisition is set to strengthen the Lupin’s market standing in the Philippines market via Nanomi and allow substantial integration of MPPI’s operations, it added. This also strategic flexibility, enabling the company to unify emerging-market businesses and unlock long-term value, it said.
The acquisition falls under the purview of related party transactions and the requisite approval of the audit committee has been obtained in this regard, Lupin said. The proposed acquisition will be done on an arms-length basis, it said.
A valuation report has been obtained from Ernst & Young Merchant Banking Services LLP to arrive at the fair value of the MPPI shares, Lupin added.
Lupin shares ended the previous session 1.7% lower at ₹2,274.5 apiece. The stock has gained 8.2% this year, so far.
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