Pfizer to Acquire InnoPharma to Boost Sterile Injectables BusinessBy
Pfizer Inc. has agreed to acquire InnoPharma, Inc., a privately held pharmaceutical development company, 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 US Food and Drug Administration (FDA). The company also has a pipeline of 19 products filed with the 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.
“Today's announcement is an important milestone as we continue to look for innovative growth opportunities for our sterile injectables portfolio, which will increase to seventy three products with this acquisition,” said John Young, group president, Pfizer Global Established Pharma (GEP), in a company statement “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 commercialize critically important medicines for the patients who need them.”
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 US. The new Pfizer portfolio of 73 products will include currently marketed and products filed with the FDA.
Established in 2005, InnoPharma has a research and development facility in Piscataway, New Jersey. 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.
The closing of the transaction is subject to US regulatory approval and is expected to occur during the third quarter.