$ENDP $190M deal: Endo buying North Jersey specialty pharma company
Endo International reached a definitive agreement to acquire Somerset Therapeutics and its affiliated contract manufacturer in India for $190 million.
Based in Somerset, N.J., Somerset Therapeutics is a specialty pharmaceutical company that develops and markets sterile injectable products. Its Bangalore, India, affiliate, Wintac Ltd., operates as Somerset Therapeutics' contract developer and manufacturer.
Paul Campanelli, president and CEO of Endo, said the acquisition will expand the product portfolio of its Par Sterile Products business Endo acquired when it\s paid $8 billion to buy Par Pharmaceutical of Woodcliff Lake, N.J., in 2015.
"Additionally," Campanelli said, "Wintac's strong sterile R&D and high-quality manufacturing capabilities have contributed greatly to Somerset Therapeutics' steady revenue growth. We see significant opportunities to leverage our existing sales and marketing capabilities as we seek to maximize the value of the current and expected future Somerset Therapeutics' products."
Somerset Therapeutics' portfolio includes eight commercial products as well as a pipeline of more than 40 others – more than 25 of which have been submitted for approval by the Food and Drug Administration.
"Par has deep experience in the growing U.S. sterile injectable drugs market," said Dr. Veerappan Subramanian, chairman and CEO of Somerset Therapeutics, in a statement. "They are well-suited to move Somerset Therapeutics and Wintac's business to the next stage of development and growth."
The deal, which requires regulatory approvals in the United States and India, is expected to close by the end of the year. After the deal is finalized, Somerset Therapeutics will become a wholly owned subsidiary of Par Pharmaceutical and the Wintac business will become part of Par Formulations Private Ltd.
K&L Gates and Shardul Amarchand Mangaldas & Co. are acting as Endo's legal counsel for the transaction.
Endo International reached a definitive agreement to acquire Somerset Therapeutics and its affiliated contract manufacturer in India for $190 million.
Based in Somerset, N.J., Somerset Therapeutics is a specialty pharmaceutical company that develops and markets sterile injectable products. Its Bangalore, India, affiliate, Wintac Ltd., operates as Somerset Therapeutics' contract developer and manufacturer.
Paul Campanelli, president and CEO of Endo, said the acquisition will expand the product portfolio of its Par Sterile Products business Endo acquired when it\s paid $8 billion to buy Par Pharmaceutical of Woodcliff Lake, N.J., in 2015.
"Additionally," Campanelli said, "Wintac's strong sterile R&D and high-quality manufacturing capabilities have contributed greatly to Somerset Therapeutics' steady revenue growth. We see significant opportunities to leverage our existing sales and marketing capabilities as we seek to maximize the value of the current and expected future Somerset Therapeutics' products."
Somerset Therapeutics' portfolio includes eight commercial products as well as a pipeline of more than 40 others – more than 25 of which have been submitted for approval by the Food and Drug Administration.
"Par has deep experience in the growing U.S. sterile injectable drugs market," said Dr. Veerappan Subramanian, chairman and CEO of Somerset Therapeutics, in a statement. "They are well-suited to move Somerset Therapeutics and Wintac's business to the next stage of development and growth."
The deal, which requires regulatory approvals in the United States and India, is expected to close by the end of the year. After the deal is finalized, Somerset Therapeutics will become a wholly owned subsidiary of Par Pharmaceutical and the Wintac business will become part of Par Formulations Private Ltd.
K&L Gates and Shardul Amarchand Mangaldas & Co. are acting as Endo's legal counsel for the transaction.
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