Baxter to buy Indian firm to expand its generic injectables portfolio

USA-based Baxter International (NYSE: BAX) has announced the acquisition of an India-based business to accelerate its strategy to become a global leader in the injectables pharmaceutical space.

It has entered into a definitive agreement to acquire Claris Injectables Limited, a wholly-owned subsidiary of Claris Lifesciences Limited, for total consideration of around $625 million.

Claris Injectables will add proven capabilities in production of essential generic injectable medicines, such as anesthesia and analgesics, renal, anti-infectives and critical care in a variety of presentations including bags, vials and ampoules. The boards of directors of both companies have approved the proposed acquisition, which is expected to close in the second half of 2017. Upon closing, the deal is expected to be modestly accretive to adjusted earnings and increasingly accretive thereafter.