Cipla completes acquisition of generic businesses in US

India, Mumbai, February 18, 2016: Cipla, a global pharmaceutical company which uses technology and innovation to meet the everyday needs of all patients, today announced that its UK arm, Cipla (EU) Limited has closed the transaction to acquire two US-based companies, InvaGen Pharmaceuticals Inc., and Exelan Pharmaceuticals Inc.

The acquisition was made by Cipla (EU) Limited through a wholly owned special purpose vehicle which would merge into InvaGen Pharmaceuticals Inc. after the acquisition. The combined revenue for the two companies for the year-ended 2015 is over USD230 million. This acquisition is the second landmark acquisition in Cipla's 80 year history – the first was Cipla Medpro, South Africa. This acquisition will give scale to Cipla's US business - currently 8% of total revenue as well as providing a launch pad to introduce Cipla's pipeline of products in respiratory and injectables, among others, in the coming years.

Combined with the pipeline of InvaGen products, the overall portfolio will be wide-ranging and will cover chronic therapies like CVS, CNS, respiratory, oncology and diabetes among others.

The acquisition of InvaGen pharmaceuticals also provides Cipla with about 40 approved ANDAs, 32 marketed products, and 30 pipeline products which are expected to be approved over the next 4 years. In addition, InvaGen has filed 5 first-to-file products. Dosage forms include immediate release, modified release and extended release tablets and capsules. With a manufacturing footprint of ~350,000 sq.ft of GMP area, InvaGen has 3 units located in Long Island, NY, with a total production capacity of 12 billion tablets and capsules per annum and about 500 employees. With this acquisition, Cipla will have more relevance to wholesale and retail customers.

Commenting on the acquisition, Mr. Umang Vohra, Global Chief Operating Officer, Cipla Limited said: "The acquisition will further strengthen Cipla's presence in the US pharmaceutical market. InvaGen's balanced portfolio, robust manufacturing base and strong R&D capabilities will act as lever to expand Cipla's reach in the US market."

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