Claris Lifesciences Limited, one of India’s largest sterile injectables companies, announced that it has completed the sale of its global generic injectables business to Baxter International Inc. (USA) for an enterprise value of US$ 625 million.
Commenting on the event, Unbar Handa, vice chairman and MD of Claris Lifesciences Limited said, “My team and I have built this company with a lot of integrity, focus and passion. We have been unrelenting in our commitment to create a differentiated play. Today Claris products and business model’s uniqueness has a significant potential to deliver strong growth. We believe Baxter is the best partner suited to take this platform forward and drive the next phase of growth. I am confident that this is a promising pathway forward for our team, partners and stakeholders. Over the past several years, we are proud of the businesses that we have created from India with a global footprint, leading to significant value creation.”
According to Baxter’s press release, the transaction broadens its presence in the generic pharmaceuticals space and will help boost the supply of essential medicines to Baxter customers.
“This acquisition reinforces our commitment to establishing Baxter as a global leader in generic injectable medicines,” said José (Joe) E. Almeida, chairman and chief executive officer, Baxter. “The combination of Baxter and Claris Injectables will allow us to increase access to lower-cost generic injectables and strengthen our ability to meet the needs of healthcare providers and patients around the world.”
With this acquisition, Baxter gains access to the complete Claris Injectables product portfolio and pipeline as well as three manufacturing plants. These facilities feature state-of-the-art technology and are registered with global regulatory agencies, including one plant registered with the US Food and Drug Administration. Baxter plans to invest in further increasing Claris Injectables’ capacity and capabilities, including adding new aseptic manufacturing and lyophilization; new technology platforms in areas like cytotoxics, aseptic development and complex formulations; and an expanded research and development footprint to accelerate and increase pipeline output and portfolio breadth.
Claris further clarified that it will discuss; with its advisors; and identify the most efficient method of transferring a significant majority of the net proceeds to its shareholder, the company expects to communicate the process before the 15th of October 2017.