Lupin looks at own marketing force in US

Lupin Ltd is considering to set up its own marketing force in the United States even as the pharma major is to create a global advisory board as part of its corporate governance initiative.

"In the US, we are present in the active pharmaceutical ingredients (APIs), generics and branding specialities and with many products coming up, it will be better to go with own marketing team rather than through alliances", Lupin chairman Desh Bandhu Gupta told newspersons in New Delhi on Friday.

The company currently has two alliances with Watson Pharma and Merck Generics in that market.

The chairman said as part of corporate governance, it would also revamp the board and create a global advisory board.

Lupin managing director Kamal Sharma said the global advisory board will be a small group comprising specialists and scientists. They would guide the company in taking the correct direction and even on areas to work on.

Referring to financial restructuring, Gupta said with CVC International, a Citigroup global investments unit, picking up 12.5 per cent stake for Rs 126 crore, this process was complete.

As part of this investment, Marc Desaedeleer and Sunil Nair joined Lupin board as representatives of Citigroup, he said, adding that promoters sold 4 per cent stake in market for Rs 90 crore (Rs 900 million), while Rs 80 crore (Rs 800 million) came from personal resources.

The debt of Lupin has reduced from Rs 587 crore (Rs 5.87 billion) to around Rs 300 crore (Rs 3 billion), he said, adding, promoters still hold more than 50 per cent stake.