Pfizer to Acquire InnoPharma to Expand Sterile Injectables Portfolio
Pfizer Inc. announced an agreement to acquire InnoPharma, a privately held pharmaceutical development company, focusing on its portfolio of difficult-to-make sterile injectable products.
New York, NY – July 16, 2014 – Pfizer Inc. has entered into an agreement to acquire InnoPharma, a privately held pharmaceutical development company. The deal includes an upfront cash payment of $225 million, with potential for up to $135 million in contingent milestone payments.
InnoPharma currently has 10 generic products approved by the U.S. Food and Drug Administration (FDA) and a pipeline of 19 products filed with the agency, along with over 30 more in development. The company specializes in creating complex generic and differentiated sterile injectable and ophthalmic products, often addressing challenges in manufacturing or bio-equivalency.
"This acquisition is an important milestone as we continue to look for innovative growth opportunities for our sterile injectables portfolio," said John Young, group president of Pfizer Global Established Pharma (GEP). "InnoPharma’s technical capabilities, strong product pipeline, and expertise in bringing complex generics to market build on our efforts to develop and commercialize critically important medicines."
Established in 2005, InnoPharma operates a research and development facility in Piscataway, New Jersey. The acquisition is expected to close in the third quarter, pending U.S. regulatory approval.