Pfizer will acquire InnoPharma, a privately held pharmaceutical development company. 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 FDA. The company also has a pipeline of 19 products filed with FDA and more than 30 injectable and ophthalmic products under development.
“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 73 products with this acquisition,” said John Young, group president, Pfizer Global Established Pharma (GEP).
Pfizer Injectables is part of the GEP 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 products, as well as products filed with the FDA.
The closing of the transaction is subject to US regulatory approval and is expected to occur during the third quarter.