Lupin Converts $44.3 Million Loan Into Equity In Oncology Arm

Lupin Ltd said on Friday that its US-based unit, Lupin Inc., has converted a $41 million loan and $3.3 million in accrued interest into equity in Lupin Oncology Inc., raising its stake in the subsidiary.

Following the conversion, Lupin Oncology has become a step-down subsidiary of Lupin. The combined holding of Lupin and Lupin Inc. in the oncology-focused company has increased to 99.87%, up from 99.33%. The stake held by other shareholders has dropped to 0.13% from 0.67%.

Lupin Oncology is involved in the development, co-development, and commercialisation of cancer drugs in the US.