Pfizer to pay $360m for InnoPharma
Pfizer is to pay as much as $360 million for private pharma development company InnoPharma in a financial arrangement comprising upfront and future payments.
InnoPharma will get $225 million in cash now, with a further $135 million available in milestones if things go well: the deal is expected to go through in the third quarter of 2014.
Among the prizes for Pfizer is InnoPharma’s sterile injectables portfolio, which will push the US giant’s own up to 73 products of this type, either on the market or filed with the US regulator for potential approval.
InnoPharma, which has an R&D facility in New Jersey, seeks to develop novel formulations of existing drugs in areas such as cancer and central nervous disorders.
“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 commercialise critically important medicines for the patients who need them,” says John Young, group president, Pfizer Global Established Pharma.
Pfizer’s acquisition target specialises in hard-to-make products “such as those that require complex manufacturing capabilities or have bio-equivalency challenges”.
Established in 2005, InnoPharma already has ten generics approved by the Food and Drug Administration, plus 19 filed with the regulator and over 30 injectable and ophthalmic products under development.
What is attractive to Pfizer is the firm’s experience in complex injectable delivery forms, such as pens and depot injectibles, and its expansion into new dosage forms such as oral suspensions and nasals.
“InnoPharma has emerged as a strong development company over the years, with a portfolio of complex and differentiated products that provide value and options to patients and payers, and has an excellent team that has executed on this business model so successfully,” says chief executive Navneet Puri.
“We are very pleased to continue to provide this value as part of Pfizer, which has demonstrated its leadership within the pharmaceutical industry and a focus on improving patient health,” Puri adds.
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