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India's Lupin buys U.S. generics firm Gavis for $880 mln

MUMBAI, July 23 (Reuters) - Lupin Ltd, India's fourth-largest drugmaker by sales, said it had agreed to buy privately-held generics company Gavis for $880 million to strengthen its presence in its largest market, the United States.

The deal, which is cash-free and debt-free, widens the company's pipeline in dermatology and controlled substance products, Lupin said in a statement.

The company's shares were down 6 percent at 1,723 rupees as of 0936 GMT on the NSE.

(Reporting by Zeba Siddiqui in Mumbai; Editing by Subhranshu Sahu)