Lupin CFO quits to pursue opportunities outside pharma
MUMBAI: Ramesh Swaminathan, Chief Financial Officer of Lupin Pharma, has quit the company to pursue opportunities outside of pharmaceutical industry, the company said in a statement to the exchanges. Swaminathan was part of Lupin for the last 12 years where he was also a whole time director.
Lupin, one of India's leading generic drug maker, has been on a turbulent times in recent years as the company battled regulatory challenges from the US Food and Drug Administration, and pricing pressure in North America, one of country's largest markets.
Swaminathan as the CFO of Lupin, was part of some of company's biggest mergers and acquisition in US and Japan, one of them being Gavis pharma. Gavis was one of the largest outbound M&A by an Indian drug maker, which the company acquired for $880mn. However the acquisition did not do well, for the company as it wrote off Rs 783 crore earlier this year.
"We thank him for his contributions to Lupin over the last 12 years and wish him success in his future endeavors", Lupin said in a statement.