Cipla, India’s fourth-largest drugmaker, will purchase two U.S. generics manufacturers -- InvaGen Pharmaceuticals and Excelan Pharmaceuticals -- for a total of $550 million.
Last year, U.S. sales accounted for only 8 percent of Cipla's revenue and the company is looking to change that going forward. The acquisition will give Cipla access to a wide portfolio of products, including diabetes drugs, antidepressants and cardiovascular medicines.
NY-based generics maker InvaGen has 32 products on the market, while Georgia-based Excelan is a privately held sales company that has sold products made by InvaGen to government buyers.
The buy also comes with InvaGen's 350,000-square-footmanufacturing unit in New York -- Cipla’s first production facility in North America.
Read the Financial Times article