<article>Continuing their acquisition spree, Indian pharma majors Cipla and Aurobindo Pharma Ltd have made acquisitions overseas through their respective units.</article>

Continuing their acquisition spree, Indian pharma majors Cipla and Aurobindo Pharma Ltd have made acquisitions overseas through their respective units.
Pharma major <a href="http://dealstreetasia.com/tag/cipla" target="_blank" rel="noopener">Cipla</a>&#8216;s subsidiary InvaGen Pharmaceuticals Inc is acquiring US-based specialty business firm Avenue Therapeutics for up to $215 million while <a href="http://dealstreetasia.com/tag/aurobindo" target="_blank" rel="noopener">Aurobindo Pharma Ltd</a> agreed to buy a product under development and related assets from Australia-based Advent Pharmaceuticals Pty. Ltd for $12.5 million in an all-cash deal.
According to a filing to the stock exchanges, Cipla plans to acquire Avenue Therapeutics from Fortress Biotech company, in two stages.
“At the first stage closing, InvaGen or its affiliates will acquire, through the issuance by Avenue of new shares, shares representing a 33.3 per cent stake in Avenue’s capital stock on a fully diluted basis for $35 million,” Cipla said in its filing.
In the second stage, InvaGen or its affiliates will acquire the remaining shares of Avenue’s common stock, for up to $180 million in the aggregate.
The transaction will be subject to certain closing conditions and regulatory approvals, Cipla added.
Avenue Therapeutics is focused on development and commercialisation of intravenous (IV) Tramadol, a painkiller.
“Our investment in and proposed acquisition of Avenue establishes our presence in the speciality institutional business in the US,&#8221; Cipla Managing Director &amp; Global Chief Executive Officer Umang Vohra said.
&#8220;This investment is in keeping with our stated intention to build a speciality pipeline in the US market,&#8221; he added.
Earlier this year, another subsidiary of the pharma major, Cipla Medpro South Africa (Pty) Ltd, had acquired a 100 per cent stake in Mirren (Pty) Limited, a South African over-the-counter (OTC) pharmaceutical manufacturer and distributor.
<h3>Aurobindo acquires Advent Pharma assets</h3>
Indian drug manufacturer, <a href="http://dealstreetasia.com/tag/aurobindo" target="_blank" rel="noopener">Aurobindo Pharma Ltd</a> also agreed to acquire a product under development and related assets from Australia-based Advent Pharmaceuticals Pty. Ltd for $12.5 million in an all-cash deal.
The Hyderabad-based company will get a boost in its research and development capabilities in complex specialty generics, Aurobindo Pharma said in a separate filing to the stock exchanges.
&#8220;The company acquires a product under development and its related assets that are being used for R &amp; D in specialty generics through AuroScience Pty Limited, Melbourne, a 100% subsidiary of Aurobindo Pharma USA Inc., USA, which in turn is 100% subsidiary of Aurobindo Pharma Limited, India,&#8221; it said.
The transaction is scheduled to close by January next year. Advent Pharmaceuticals is a specialty research and development company, focused on generic inhaled products for global markets.
The announcement follows Aurobindo Pharma&#8217;s acquisition of dermatology and generic US oral solids portfolios of Sandoz US to Aurobindo Pharma Ltd for $900 million in September.
In July this year, Aurobindo Pharma had signed an agreement to acquire Apotex International Inc’s commercial operations and certain supporting infrastructure across five European countries for €74 million ($87 million).
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Continuing their acquisition spree, Indian pharma majors Cipla and Aurobindo Pharma Ltd have made acquisitions overseas through their respective units.

Indian pharma players Cipla, Aurobindo buy assets abroad

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