Baxter (NYSE:BAX) said today that it closed its $625 million acquisition of Claris Lifesciences‘ (BOM:533288) injectable drug biz.
According to the deal, Baxter gains Claris’ portfolio of injectable generics and three manufacturing plants. The Deerfield, Ill.-based company said it plans to add new aseptic manufacturing and lyophilization capabilities, as well as invest in new technology platforms, including cytotoxics.
The acquisition is expected to add at least 50 products to Baxter’s portfolio this year, the company reported.
“This acquisition reinforces our commitment to establishing Baxter as a global leader in generic injectable medicines,” chairman & CEO José Almeida said in prepared remarks. “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.”
The buyout was financed with a combination of cash on hand and debt. Last year, Claris Injectables brought in $112 million in sales.
Last week, the Federal Trade Commission gave its official nod for the deal, but mandated that the companies divest two drugs products – an antifungal agent, fluconazole, and intravenous milrinone.
