Pfizer To Buy InnoPharma, Acquires Injectables Portfolio
Pfizer announced that it has agreed to acquire privately-held pharmaceutical development firm InnoPharma.
As part of the agreement, Pfizer will make an upfront payment of $225 million for the acquisition along with up to $135 million in contingent milestone payments. InnoPharma currently holds a robust portfolio that includes 10 generic products approved by the U.S. Food and Drug Administration (FDA) and a pipeline of 19 products pending FDA approval. InnoPharma also has more than 30 injectable and ophthalmic products undergoing clinical development. The company is known for developing hard to make, sterile injectable drugs in areas such as central nervous disorders and cancer. These include products in complex injectable delivery forms such as pens and depot injectibles as well as in new dosage forms such as oral suspensions and nasals.
Dr. Navneet Puri, President and CEO of InnoPharma, said that the company has established itself with a portfolio of high level and differentiated products. “We are very pleased to continue to provide this value as part of Pfizer.” InnoPharma’s products will expand Pfizer Injectables’ portfolio to 73 products that include FDA-approved drugs and pending approval applications.
John Young, group president of Pfizer Global Established Pharma (GEP), said, “Today’s announcement is an important milestone as we continue to look for innovative growth opportunities for our sterile injectables portfolio... InnoPharma’s technical capabilities in bringing complex generics to market, coupled with its strong talent and product pipeline, build on our efforts to develop and commercialize critically important medicines for the patients who need them.”
The transaction between the companies is expected to close during the third quarter of 2014.
Pfizer recently announced the election of James Smith to its Board of Directors and appointment to the Corporate Governance and Science and Technology Committees of Pfizer’s Board. Mr. Smith has previously served as the President and CEO of Thomson Reuters.