In January, Aurobindo Pharma had said it will acquire a portfolio of seven branded oncology injectable products from Spectrum Pharmaceuticals Inc in a USD 300 million deal which includes an upfront cash payment of USD 160 million.
Aurobindo Pharma said Saturday it has completed the acquisition of seven marketed oncology injectable products, intellectual property and commercial infrastructure from Spectrum Pharmaceuticals Inc, a US-based global branded oncology company by Acrotech Biopharma. In January, Aurobindo Pharma had said it will acquire a portfolio of seven branded oncology injectable products from Spectrum Pharmaceuticals Inc in a USD 300 million deal (over Rs 2,100 crore) which includes an upfront cash payment of USD 160 million.
“We would like to inform you that the acquisition has been completed on March 1,” Aurobindo Pharma said in a regulatory filing to the BSE. According to the definitive agreements inked between the two companies, Acrotech Biopharma LLC, a subsidiary of Aurobindo, will pay an upfront purchase price of USD 160 million in cash plus up to USD 140 million on achieving regulatory and sales-based milestones for the seven products.
Acrotech will be acquiring the product portfolio on a debt free and cash free basis, Aurobindo Pharma Ltd said in a regulatory filing earlier. The acquisition will help Hyderabad-based company to enter the branded oncology market in the US with a range of products which are well recognised in the segment, it added.
As part of the deal, the drug firm will also acquire a well-established and experienced branded commercial infrastructure in the US to continue commercialising these brands, the company had said. The product portfolio is expected to generate a revenue of around USD 100 million for first 12 months after completion of the transaction for Aurobindo, the company had said.