PINE BROOK, N.J. — Alvogen has entered an agreement to buy a portfolio of four U.S. pharmaceutical products from Pfizer Inc.
Under the deal announced Wednesday, Alvogen plans to acquire three injectable products — Clindamycin, Voriconazole and Melphalan — and one inhaled solution product, Acetylcysteine. Financial terms of the deal weren’t disclosed.
Two of the products being purchased, Clindamycin injection and Acetylcysteine inhalation solution, are on the market. Alvogen said Acetylcysteine will continue to be marketed by Fresenius, with Alvogen receiving profit-sharing payments. The Voriconazole and Melphalan injectables are pending abbreviated new drug applications (ANDAs) at the Food and Drug Administration, but Alvogen said both represent generic market with limited participation and are expected to launch as early as 2016.
“This acquisition supports our strategy to gain exposure to the high-growth, injectable segment in the U.S. market. These products will complement as well as significantly strengthen our existing portfolio, further enhancing our customer offering. We will be able to leverage our current sales and marketing network to increase market share in the U.S.,” stated Robert Wessman, chairman and chief executive officer of Alvogen.
“Moreover, this important strategic development takes Alvogen closer towards its stated ambition to become one of the leading global players,” Wessman added. Alvogen is a developer and manufacturer of generic, branded, over-the-counter and biosimilar products worldwide.
Pfizer’s sale of the four products Alvogen paves the way for the company to gain Federal Trade Commission approval of its pending acquisition of Hospira Inc. The FTC’s clearance is contingent upon Pfizer’s commitment to divest the products. The $17 billion deal is expected to close in early September.