Indian drug and pharma company, Cipla Limited, has agreed to buy Avenue Therapeutics Inc, a speciality pharma company based out of the US. The $215 million (Rs 15.6 billion) deal will be completed in two phases, as reported by Business Standard.
“Our investment in and proposed acquisition of Avenue establishes our presence in the speciality institutional business in the US. The novel intravenous drug delivery method of Tramadol addresses extremely crucial and hitherto unmet needs in pain management. This investment is in keeping with our stated intention to build a speciality pipeline in the US market,” Umang Vohra, Global CEO of Cipla noted. Tramadol is a unique analgesic being developed by Avenue to treat pain in adults.
The Indian drugmaker has been making serious headway in the US markets. It recently obtained USFDA’s approval for its drug, Valganciclovir. These tablets are used to treat viral eye infection in AIDS patients. The US drug regulator also gave its nod to Diclofenac Sodium Topical Gel, which is used to treat osteoarthritis of joints such as the knees and hands.
Aurobindo Pharma Ltd., an India company, also agreed to buy the generics arm of Novartis’ US business for $1 Billion in September 2018.
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