Pfizer to acquire generics firm InnoPharma for up to $360 million
Having failed (so far) in its mega billion dollar ($116 billion) attempt to buy Anglo-Swedish drug major AstraZeneca, US pharma giant Pfizer (NYSE: PFE) is going for a much more modest target, announcing a takeover bid for InnoPharma, a privately held pharmaceutical development company.
Under the terms of the agreement, Pfizer will acquire InnoPharma for an upfront cash payment of $225 million, with up to $135 million of contingent milestone payments. The closing of the transaction is subject to US regulatory approval and is expected to occur during the third quarter.
Product portfolio includes 10 FDA-approved generics and 19 under review
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