US drug maker Baxter International has agreed to acquire Claris Lifesciences' injectables business for about $625m.
Headquartered in Ahmedabad, India, Claris Injectables has a portfolio of essential generic injectable medicines like anesthesia and analgesics, renal, anti-infectives and critical care in a range of presentations such as bags, vials and ampoules.
The aquisition is expected to give Baxter a pipeline and marketed product range of generic injectables with 11 molecules approved till date in the US.
Further, teh US firm will also get research and development (R&D) expertise of Claris Injectables besides its three manufacturing facilities which have been registered with various global regulatory agencies.
Baxter chairman and CEO Jose (Joe) Almeida said: “The Claris Injectables acquisition will expand Baxter’s presence in the fast growing, global generic injectable pharmaceuticals space and accelerate our growth trajectory with high-value, essential medicines that will benefit patients worldwide.
“The capabilities we gain with Claris Injectables will augment and complement our differentiated technologies, expertise and extensive presence in the hospital channel to create a pathway for Baxter to become a global leader in generic injectables.”
Baxter said that it will make strategic investments to expand the R&D pipeline and manufacturing capacity of Claris Injectables post acquisition, based on the latter’s existing footprint.
Claris Lifesciences executive vice chairman and group MD Arjun Handa said: “Baxter’s deep and long history, roots in the hospital business, and expertise to advance the business as a strategic platform will catapult the combined organization’s R&D, manufacturing and people capabilities. I strongly believe that this weaves forward a promising pathway for our patients, team members, partners and stakeholders.”
The American firm is expecting to launch around seven to nine products annually in the next few years, and further to 10-15 a year after 2019 through the addition of Claris Injectables in its fold.
The transaction, subject to regulatory approvals and other customary closing conditions, is likely to be closed in the second half of 2017.