Pfizer has entered into an agreement to acquire US-based pharmaceutical development company InnoPharma for $360m.

Under the agreement’s terms, Pfizer will make an upfront payment of $225m to InnoPharma and up to $135m of contingent milestone payments.

Subject to the US regulatory approval, the deal is expected to close during the third quarter.

Established in 2005, InnoPharma has developed capabilities in complex injectable delivery forms, including pens and depot injectibles, and is working to use this expertise to expand into new dosage forms, including oral suspensions and nasals.

The current portfolio of InnoPharma includes ten generic products approved by the US Food and Drug Administration (FDA), a pipeline of 19 products filed with FDA, and more than 30 injectable and ophthalmic products under development.

InnoPharma said that is currently looking to develop new formulations of existing drugs, including hard-to-make products, such as those that require complex manufacturing capabilities or have bio-equivalency challenges, in areas such as cancer and central nervous disorders.

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"InnoPharma’s technical capabilities in bringing complex generics to market build on our efforts to develop and commercialise critically important medicines."

Pfizer Global Established Pharma group president John Young said: "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 seventy three products with this acquisition.

"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 commercialise critically important medicines for the patients who need them."

Pfizer Injectables, a part of the Global Established Pharma business, includes manufacturing, production, and sale of human pharmaceutical and surgiceutical products.

Kaye Scholer acted as legal advisor to Pfizer, while Morgan, Lewis & Bockius served as legal advisor to InnoPharma in this transaction. J P Morgan served as financial advisor to InnoPharma.

Image: Pfizer world headquarters. Photo: courtesy of Jim.henderson.