Mumbai, Sep 18 (IANS) Pharmaceutical major Lupin Ltd has completed the acquisition of a majority stake in South Africa-based Pharma Dynamics.According to a statement from Lupin, Pharma Dynamics, a market leader in cardiovascular segment, ranks number six amongst generic companies. It is growing at the rate of 34 percent per annum. The South African market is estimated at $2.5 billion.

“We are extremely excited to enter this market. By associating with Pharma Dynamics, we expect to be in the top league of this market soon,” Lupin managing director Kamal Sharma said in the statement.

In the current year, Pharma Dynamics will launch at least 12 new products, much higher compared to the industry norm about four new products a year, the statement added.

Pharma Dynamics managing director Paul Andley said the partnership will be of considerable benefit to its position in the generics industry locally.

“The equity acquisition by Lupin gives us increased access to international research and development which will further strengthen our local position,” he said.