Cadila to acquire two drug forms from Teva to strengthen its US portfolio
20 June 2016
Zydus Cadila Healthcare has acquired two abbreviated new drug applications (ANDAs) from Teva that are being divested by it as a part of a $2-billion divestiture to win regulatory approval for its$40.5-billion acquisition of Allergan's generic business (See: Teva readies to divest $2 bn in assets to win US regulatory approval for Allergan).
The acquisition of these ANDAs, however, is contingent on the closing of the Teva-Allergan Generics transaction and approval by the US Federal Trade Commission, Cadila said.
If the Teva - Allergan deal materialises, the acquisition of Teva's ANDAs will strengthen Zydus's US portfolio.
The company did not disclose the financial details of the transaction. It said these ANDAs are been acquired by its 100-per cent subsidiary, Zydus Worldwide DMCC and the transaction will be financed through the group's internal accruals.
The acquired portfolio comprises an ANDA, which is already commercialised and one pipeline ANDA, which is a transdermal patch. The estimated market size of the two ANDAs put together is nearly $200 million.
Speaking on the development, Pankaj R Patel, chairman and managing director of the Zydus Group, said that it was an important acquisition which would help Zydus to expand its existing portfolio in the US and strengthen its pipeline of complex generic products.
Zydus has made significant investments in the transdermal manufacturing technology and had also acquired a transdermal manufacturing facility in the US, a few years ago.
''Zydus is upbeat about the growth potential in the US and will continue to pursue more inorganic opportunities in the US market,'' he said.
Cadila Healthcare's consolidated net profit rose 10.9 per cent year-on-year to Rs388.70 crore while net sales grew 5.7 per cent to Rs2,375.50 crore in Q4 March 2016.
Cadila Healthcare is an innovative, global pharmaceutical company that discovers, manufactures and markets a broad range of healthcare therapies.