The acquired products include drugs for the treatment of dermatology, respiratory and autoimmune diseases.
Innovus said as none of the drugs are currently being marketed, the company is planning to set up the manufacturing capacities and reimbursement procedures needed to get the products on the market.
The first product launch is scheduled to take place in 2014, said Innovus.
Innovus Pharma chief executive officer Bassam Damaj said the acquisition of the US prescription drugs is an important step towards building the global commercial pipeline of the company.
"But it is important to remember that it is only the first step of our growth strategy, which focuses on launching a wide range of products in many countries with a number of partners," Damaj added.
"We expect both to acquire more products and to work with our partners to get the products into as many markets as possible."