Vikrant
Gold Member
- Apr 20, 2013
- 8,317
- 1,073
It is good to see more investment coming into the US.
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MUMBAI—Indian generic drugs major Cipla Ltd. Friday said it has agreed to buy two U.S. generic drug makers for $550 million in cash to scale up its drug offerings to American patients.
The two firms InvaGen Pharmaceuticals Inc., and Exelan Pharmaceuticals Inc., will give the Indian firm scale in the U.S. generics market through cardiovascular, anti-infectives and diabetes drugs as well as other value-added generics, Cipla said.
InvaGen offers a large-capacity manufacturing base in Hauppauge, New York and research and development facilities as well as access to large wholesalers and retailers in the U.S., Cipla said. The acquisition of Exelan Pharmaceuticals provides Cipla with access to the government clients and the institutional market in the U.S.
The two U.S. firms in total earned revenue of $225 million in the last 12 months through June, Cipla said.
Indian generic drug makers have been on the prowl for acquisitions globally as foreign multinational drug firms have been fast acquiring generic-drug rivals in the country. Access to generic-drug making facilities offers firms the ability to make and market cheap off-patent drugs on a mass scale.
Cipla is up 2.8% at 675.05 rupees in morning trade even as the benchmark S&P BSE Sensex is down 0.9%
India’s Cipla to Buy Two U.S. Firms for $550 Million
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MUMBAI—Indian generic drugs major Cipla Ltd. Friday said it has agreed to buy two U.S. generic drug makers for $550 million in cash to scale up its drug offerings to American patients.
The two firms InvaGen Pharmaceuticals Inc., and Exelan Pharmaceuticals Inc., will give the Indian firm scale in the U.S. generics market through cardiovascular, anti-infectives and diabetes drugs as well as other value-added generics, Cipla said.
InvaGen offers a large-capacity manufacturing base in Hauppauge, New York and research and development facilities as well as access to large wholesalers and retailers in the U.S., Cipla said. The acquisition of Exelan Pharmaceuticals provides Cipla with access to the government clients and the institutional market in the U.S.
The two U.S. firms in total earned revenue of $225 million in the last 12 months through June, Cipla said.
Indian generic drug makers have been on the prowl for acquisitions globally as foreign multinational drug firms have been fast acquiring generic-drug rivals in the country. Access to generic-drug making facilities offers firms the ability to make and market cheap off-patent drugs on a mass scale.
Cipla is up 2.8% at 675.05 rupees in morning trade even as the benchmark S&P BSE Sensex is down 0.9%
India’s Cipla to Buy Two U.S. Firms for $550 Million
