Pfizer has entered an agreement to acquire InnoPharma, Inc., a privately-held pharmaceutical development company, for $225 million in cash upfront, and as much as $135 million of contingent milestone payments. The transaction, subject to U.S. regulatory approval, is expected to occur during 3Q14.
InnoPharma based in Piscataway, NJ, has capabilities in complex injectable delivery forms, including pens and depot injectables, and has been working expand into new dosage forms, including oral suspensions and nasals. Its portfolio includes 10 FDA-approved generic products, and a pipeline of 19 products filed with FDA, and more than 30 injectable and ophthalmic products under development. The company develops new formulations of existing drugs, including those that require complex manufacturing capabilities or have bio-equivalency challenges, in areas such as cancer and central nervous disorders.
“This 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). “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.”
“InnoPharma has emerged as a strong development company over the years, with a portfolio of complex and differentiated products that provide value and options to patients and payors, and has an excellent team that has executed on this business model so successfully,” said Navneet Puri, Ph.D., president and chief executive officer of InnoPharma. “We are very pleased to continue to provide this value as part of Pfizer, which has demonstrated its leadership within the pharmaceutical industry and a focus on improving patient health.”