Indian pharma Cipla is buying itself a bigger slice of the US generic drugs market through a $550 million all-cash deal for InvaGen Pharmaceuticals and Exelan Pharmaceuticals.
The acquisition will give the company scale in the US generics market through a wide ranging product portfolio in CNS, CVS, anti-infectives, diabetes and other value added generics, it said.
Hauppauge, NY-based InvaGen brings 32 marketed products and 30 more in the near-term pipeline to Cipla’s portfolio, as well as a major operational gain via a 350,000-square-foot manufacturing plant, marking the Indian’s drugmaker’s first in the US.
Lawrenceville, GA-headquartered Exelan is a privately held sales and marketing company that sells products manufactured by InvaGen to government buyers.
Commenting on the transaction, which remains subject to customary closing conditions, Cipla’s global chief executive Subhanu Saxena said InvaGen is “a strong strategic fit with a relevant diverse portfolio as well as a strong market and customer presence”.