Lupin Ltd — M&A Activity 2023

May 5, 2023

May 5, 2023

BSE Limited

Department of Corporate Services, P. J. Towers, Dalal Street, Mumbai Samachar Marg,

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MUMBAI - 400 001.

 National Stock Exchange of India Limited

Exchange Plaza, Bandra Kurla Complex, Bandra (East),

MUMBAI - 400 051.

Sub: Disclosure pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’).

Dear Sir/Madam,

In compliance with Regulation 30 read with Schedule III of the Listing Regulations and SEBI Circular CIR/CFD/CMD/4/2015 dated September 9, 2015, we are pleased to inform that the Company has entered into a definitive agreement to acquire the entire share capital of the French pharmaceutical company, Medisol, subject to approval from the French Ministry of Economy and Finance. Particulars are as under: -

- Name of the Acquirer Lupin Atlantis Holding SA, Switzerland (wholly owned subsidiary of Lupin Limited)

a)	name of the target entity, details in brief such as size,turnover etc.;	Medisol, which was founded in2011,specializesingenericsinjectables and is engaged indeveloping and commercializingits products, in pharmacies andhospitals in France.Revenues in 2022 were EUR 7.3million (estimated).
b)	whether the acquisition would fall within related partytransaction(s) and whether the promoter/ promotergroup/ group companies have any interest in the entitybeing acquired? If yes, nature of interest and detailsthereof and whether the same is done at ‘arms-length’;	No.
c)	industry to which the entity being acquired belongs;	Pharmaceuticals.
d)	objects and effects of acquisition (including but not	Withthisacquisition,the
	limited to, disclosure of reasons for acquisition of target	Company will gain access to
	entity, if its business is outside the main line of business of	Medisol’sportfolioofseven
	the listed entity);	injectable products across four
		therapeutic areas, including pain
		management, anti-inflammatory,
		cardiovasculardiseasesand
		obstetrics. This has synergy with
		Lupin’s injectables portfolio and
		other products.

...2.

Registered Office: 3[rd] Floor, Kalpataru Inspire, Off W. E. Highway, Santacruz (East), Mumbai - 400 055 India. Tel: (91-22) 6640 2323. Corporate Identity Number: L24100MH1983PLC029442 www.lupin.com

www.lupin.com

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	- 2 -
		This acquisition is part of ourstrategy to expand our presencein the EU and accelerate ourInjectables franchise in France.France is the second - largestmarket in Europe for injectableswith a robust growth.
e)	brief details of any governmental or regulatory approvalsrequired for the acquisition;	Approval from the French Ministryof Economy and Finance isrequired.
f)	indicative time period for completion of the acquisition;	July 2023.
g)	nature of consideration - whether cash consideration orshare swap and details of the same;	Cash consideration.
h)	cost of acquisition or the price at which the shares areacquired;	EUR 18 million (upfront EUR 14.5million plusearn-outsuptoEUR 3.5 million).
i)	percentage of shareholding / control acquired and / ornumber of shares acquired; and	Entire share capital of Medisol.
j)	brief background about the entity acquired in terms ofproducts/lineofbusinessacquired,dateofincorporation, history of last 3 years turnover, country inwhich the acquired entity has presence and any othersignificant information (in brief).	MedisolisaFrenchpharmaceuticalcompanyheadquarteredinLyon.Itspecialisesingenericsinjectables made in France withingredientsandmaterialssourced in France and theEuropeanUnion.Medisol’srange of products are availableinhospitalsandretailpharmaciesacrossentireFrance.Revenues of Medisol in the lastthree years were: -2020 - EUR 5.3 million2021 - EUR 7.1 million2022 - EUR 7.3 million (estimated).

The above is for your information and dissemination.

Thanking you,

For LUPIN LIMITED

Digitally signed by Rajvardhan Vishnu Satam DN: c=IN, st=Maharashtra, 2.5.4.20=c19d8ef961d9fa59e973a093a4d3924b2532eb2f496ea7e2abcf74700f5375b7, Rajvardhan Vishnu postalCode=400104, street=2404,SEJAL TOWER,SEJAL PARK,LINK ROAD,GOREGAON WEST,Mumbai,Motilal Nagar,Borivali,Mumbai Suburban, pseudonym=9a4b7cd219ea516ad56e6d651dcbbe5b, title=0191, serialNumber=df8ebe60a88c796663c738ea25bfa0b475d195f726cdb67a2ff09c4242771b2 Satam a, o=Personal, cn=Rajvardhan Vishnu Satam Date: 2023.05.05 17:54:12 +05'30'

R. V. SATAM COMPANY SECRETARY (ACS -11973)

Registered Office: 3[rd] Floor, Kalpataru Inspire, Off W. E. Highway, Santacruz (East), Mumbai - 400 055 India. Tel: (91-22) 6640 2323. Corporate Identity Number: L24100MH1983PLC029442 www.lupin.com

www.lupin.com