Lupin said on Thursday it has made an equity investment in Symbiotec Pharmalab, a company focused on steroids, for a majority stake, in a bid to tap the over 10 illion dollar steroids market and is growing at about eight er cent annually.
The company has signed a memorandum of understanding with Symbiotec Pharmalab Ltd (Symbiotec), for a joint venture by making an equity investment in Symbiotec for a majority stake, Lupin said in a communique to the Bombay Stock Exchange.
"This alliance enables us to aggressively pursue our strategic initiative to participate in the steroids formulation business in chosen global markets including US