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news.Indian pharmaceutical and biotechnology firm Cipla has agreed to acquire two US-based companies in all-cash deals worth $550m in order to expand its presence in the world's largest generics market.
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The company is acquiring InvaGen Pharmaceuticals and Exelan Pharmaceuticals, which had combined sales of more than $225m in the twelve months to June 2015.
InvaGen develops, manufactures, markets and distributes generic pharmaceuticals with focus on several therapeutic areas such as cardiovascular, anti-infective, CNS, anti-inflammatory, anti-diabetic and anti-depressants.
The company has drug product development and commercial operations at three different facilities in Hauppauge, New York.
The deal with InvaGen brings Cipla around 40 approved abbreviated new drug applications, 32 marketed products and 30 pipeline products that are anticipated to be approved in the next four years.
Exelan focuses on the sales and marketing of generic pharmaceuticals for the government and institutional market.
Through Exelan, Cipla gains access to the government and institutional market in the US.
Cipla MD and global CEO Subhanu Saxena said: "This investment is in line with Cipla’s strategy to grow Cipla’s share in the US pharmaceutical market. We see InvaGen as a strong strategic fit with a relevant diverse portfolio as well as a strong market and customer presence.
"With a local manufacturing facility, Cipla can strengthen its presence and commitment to serve patients in the country."
Image: Cipla is acquiring InvaGen Pharmaceuticals and Exelan Pharmaceuticals for $550m. Photo: courtesy of stockimages/FreeDigitalPhotos.net.