Date: 2014-09-25
Type of information: Company acquisition
Acquired company: InnoPharma (USA - NJ)
Acquiring company: Pfizer (USA - NY)
Amount: up to $360 million (€265 million)
Terms: * On September 25, 2014, Pfizer announced that it has completed its acquisition of the pharmaceutical development company, InnoPharma, Inc., following receipt of United States regulatory approval from all government authorities required by the agreement and other closing conditions. * On July 16, 2014, Pfizer and InnoPharma announced that they have entered into an agreement under which Pfizer will acquire InnoPharma. Under the terms of the agreement, Pfizer will acquire InnoPharma for an upfront cash payment of $225 million, with up to $135 million of contingent milestone payments. InnoPharma’s current portfolio includes 10 generic products approved by the FDA. The company also has a pipeline of 19 products filed with FDA and more than 30 injectable and ophthalmic products under development. The company seeks to develop novel formulations of existing drugs, including hard-to-make products, such as those that require complex manufacturing capabilities or have bio-equivalency challenges, in areas such as cancer and central nervous disorders. Pfizer Injectables is part of the Global Established Pharma business and includes the manufacturing, production and sale of human pharmaceutical and surgiceutical products. The current active sterile injectable portfolio consists of 44 products with over 190 presentations in the U.S. The new Pfizer portfolio of seventy three products will include currently marketed, as well as products filed with the FDA. The closing of the transaction is subject to U.S. regulatory approval and is expected to occur during the third quarter. Pfizer’s legal advisor for the transaction was Kaye Scholer LLP. J.P. Morgan served as InnoPharma’s financial advisor, while Morgan, Lewis & Bockius LLP served as its legal advisor.
Details: Established in 2005, InnoPharma has a comprehensive research and development facility in Piscataway, NJ. The company has developed capabilities in complex injectable delivery forms, including pens and depot injectibles, and is working to leverage this expertise to expand into new dosage forms, including oral suspensions and nasals.
Related: Generics Injectable
