Sawai Pharmaceutical, a Japanese generic pharmaceuticals manufacturer, has completed its previously announced acquisition of the generics business of UpsherSmith, a Minneapolis, Minnesota-based privately held company, for $1.05 billion.

The acquisition marks an expansion of Sawai’s presence in the US market. The acquisition leverages its intellectual property and R&D capabilities with Upsher-Smith’s manufacturing base, distribution network, commercial relationships, and brand. For Upsher-Smith, the acquisition brings access to Sawai’s manufacturing technology and access to new markets such as Japan.

Sawai intends to retain UpsherSmith’s operations in Minnesota and Colorado. Rusty Field, the current president of Upsher-Smith, will take on the additional role of CEO.

Source: Upsher-Smith