Cipla Ltd., acquired two U.S. generic drug companies, InvaGen Pharmaceuticals Inc., and Exelan Pharmaceuticals Inc., to increase its revenue and introduce new products for oncology and diabetes in the world’s largest pharmaceutical market, according to a company statement. The Mumbai-headquartered Cipla closed the transaction through its wholly-owned subsidiary, Cipla (EU) Ltd., according to the statement.
The combined revenue for the two companies for the year-ended 2015 was over $230 million.
“The acquisition will further strengthen Cipla’s presence in the U.S. pharmaceutical market. InvaGen’s balanced portfolio, robust manufacturing base and strong R&D capabilities will act as lever to expand Cipla’s reach in the U.S. market,” Umang Vohra, Global Chief Operating Officer, Cipla Ltd said in the statement.
The acquisitions will give scale to Cipla’s US business — currently 8 per cent of total revenue — as well as providing a launch pad to introduce Cipla’s pipeline of products in respiratory and injectables, among others, in the coming years, according to the statement.This is the second large scale acquisition in Cipla’s 80 year history — the first was Cipla Medpro, South Africa.
“Combined with the pipeline of InvaGen products, the overall portfolio will be wide-ranging and will cover chronic therapies like CVS, CNS, respiratory, oncology and diabetes among others,” according to the company.
The acquisition of InvaGen pharmaceuticals also provides Cipla with about 40 approved Abbreviated New Drug Application (ANDA), a U.S. generic drug approval for an existing licensed medication or approved drug., 32 marketed products, and 30 pipeline products which are expected to be approved over the next four years.In addition, InvaGen has filed five first-to-file products.
Dosage forms include immediate release, modified release and extended release tablets and capsules.