RUBICON RESEARCH’S
‘GROW TOGETHER’ INITIATIVE

We have expanded our business inorganically by way of acquiring other companies and business undertakings. Set our below are details of our recent acquisitions.

• Impopharma Canada Limited (“Impopharma”)
  In Fiscal 2020, we acquired Impopharma Canada Limited, an Ontario, Canada based provider of pharmaceutical development services for a cash consideration of USD 0.45 million. Impopharma provided drug product formulation development, process development, and analytical testing services for intra-nasally delivered and pulmonary drug products from a 13,609.69 square feet US FDA and Health Canada inspected facility in Concord, near Toronto. Upon acquisition, Impopharma was merged with Rubicon Research Canada Limited, a wholly owned subsidiary of the Company set up for this acquisition. Since acquisition, Rubicon Research Canada Limited serves as the development center for our drug-device combination nasal spray products with one product approved by the USFDA and five products presently under review.
• Formulations manufacturing business at Satara, Maharashtra, India
  In July 2021, we acquired a formulations manufacturing business from a third party for a cash consideration of ₹154.46 million. The business was acquired via a slump sale as a going concern, with all operating assets and liabilities including a manufacturing facility in Satara, Maharashtra, India.With filling lines for oral liquid formulations and a block for the production of nasal inhalers, the facility was engaged in manufacturing products for sale in India and select overseas markets. In addition to the Maharashtra FDA and Central Drug Standard Control Organisation (“CDSCO”), the facility was 232 accredited by MHRA UK and TGA Australia. 72 employees from the acquired business joined the Company as part of the acquisition. Since the acquisition, the facility was inspected by the US FDA in January 2023 and is engaged in the manufacturing of liquid formulation products for the US market and also manufactures certain products on an outsourced basis.
• Validus Pharmaceuticals LLC
  On February 14 2024, we entered into an equity purchase agreement between our Company, AdvaGen Pharma and Validus pursuant to which we acquired Validus, a New Jersey based marketer of brand name formulation products in the US. The total consideration for the acquisition was USD 5.50 million including an upfront payment and committed future payments. Validus has a portfolio of ten products with NDAs including Equetro®- the only form of carbamazepine approved as a mood Stabilizer for bipolar-disorder in the CNS therapy, CVS products including Lopressor®- metoprolol tartrate and Lotensin HCT® - combination of benazepril and hydrochlorothiazide. Validus had a team of medical representatives, covering CNS prescribers and healthcare professionals in select territories in eastern and southern US and has a distribution network across 43 of the 50 US states.Validus provides a platform for commercialization and promotion of our branded specialty product pipeline in the CNS and CVS therapy areas.