Baxter (NYSE:BAX) said today that acquired Claris Lifesciences (BOM:533288) subsidiary Claris Injectables for $625 million. The deal is expected to close in the 2nd half of next year. Deerfield, Ill.-based Baxter said it plans to pay for the acquisition with cash on hand, debt or a combination.

Baxter anticipates launching 7 to 9 new products annually over the next few years as a result of Claris Injectables’ R&D pipeline and manufacturing capacity. The Ahmedabod, Inda-based company’s portfolio of generics includes 11 molecules approved in the U.S. and 3 manufacturing facilities registered with the FDA.

“The Claris Injectables acquisition will expand Baxter’s presence in the fast growing, global generic injectable pharmaceuticals space and accelerate our growth trajectory with high-value, essential medicines that will benefit patients worldwide,” Baxter chairman & CEO Jose Almeida said in prepared remarks. “The capabilities we gain with Claris Injectables will augment and complement our differentiated technologies, expertise and extensive presence in the hospital channel to create a pathway for Baxter to become a global leader in generic injectables.”

Claris Injectables expects to bring in annual global revenues of more than $100 million this year.

“We are pleased to announce this agreement with Baxter,” Claris Lifesciences executive vice chairman Arjun Handa said. “Baxter’s deep and long history, roots in the hospital business, and expertise to advance the business as a strategic platform will catapult the combined organization’s R&D, manufacturing and people capabilities. I strongly believe that this weaves forward a promising pathway for our patients, team members, partners and stakeholders.”

“We look forward to welcoming the Claris Injectables employees who share Baxter’s commitment to innovation, dedication to quality and mission to save and sustain lives,” Almeida added.