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news.Endo International has agreed to acquire New Jersey-based Somerset Therapeutics, that develops and markets sterile injectable and ophthalmic drugs, and the business of its India-based affiliate Wintac, which operates as Somerset's contract developer and manufacturer.
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Endo is paying approximately $190 million in total for Somerset Therapeutics and Wintac's business.
Together, the acquisitions will secure for Endo's Par Sterile injectable business Somerset Therapeutics' commercial and pipeline products as well as Wintac's manufacturing capabilities for those products.
Focusing on the fast-growing U.S. sterile injectable drugs market, Somerset Therapeutics' portfolio includes 8 commercial products as well as a pipeline of more than 40 products, over 25 of which have been submitted for approval to the U.S. Food and Drug Administration (FDA).
With this acquisition, Endo significantly increases the number of filed injectable applications. Wintac, located in Bangalore, India, operates an FDA-inspected sterile manufacturing facility with proven sterile injectable and ophthalmic R&D capabilities.
Endo president and CEO Paul Campanelli said: "We believe Somerset Therapeutics is an ideal strategic fit for Endo as it expands our portfolio of sterile injectable and ophthalmic products.
"Additionally, Wintac's strong sterile R&D and high-quality manufacturing capabilities have contributed greatly to Somerset Therapeutics' steady revenue growth. We see significant opportunities to leverage our existing sales and marketing capabilities as we seek to maximize the value of the current and expected future Somerset Therapeutics' products.
“We look forward to working with our new colleagues to provide essential medicines that benefit patients."
Somerset Therapeutics chairman and CEO Veerappan Subramanian said: "Par has deep experience in the growing U.S. sterile injectable drugs market. They are well-suited to move Somerset Therapeutics and Wintac's business to the next stage of development and growth.
"I want to personally thank our team for their contributions in building a highly attractive organization. We are excited to become a part of Endo and Par, a company we have successfully collaborated with in the past."
Upon closing, Somerset Therapeutics will become a wholly-owned subsidiary of Par Pharmaceutical, Inc. and the Wintac business will become part of Par Formulations Private Limited.
The transaction is subject to requisite regulatory approvals in the U.S. and India and customary closing conditions and is expected to be completed by the end of 2018.
K&L Gates and Shardul Amarchand Mangaldas & Co. are acting as Endo's legal counsel.
Source: Company Press Release.
