Pfizer to acquire InnoPharma
Pfizer has entered an agreement to acquire InnoPharma, a privately held pharmaceutical development company, for an upfront cash payment of $225 million, with up to $135 million of contingent milestone payments.
InnoPharma’s current portfolio includes 10 generic products approved by the FDA. The company also has a pipeline of 19 products filed with FDA and more than 30 injectable and ophthalmic products under development. The company seeks to develop novel formulations of existing drugs, including hard-to-make products, such as those that require complex manufacturing capabilities or have bio-equivalency challenges, in cancer and CNS disorders.
“Today’s announcement is an important milestone as we continue to look for innovative growth opportunities for our sterile injectables portfolio, which will increase to 73 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.”
Established in 2005, InnoPharma has a comprehensive R&D facility in Piscataway, N.J. The company has developed capabilities in complex injectable delivery forms, including pens and depot injectibles, and is working to expand into new dosage forms, including oral suspensions and nasals.
The closing is expected in the third quarter.