Claris Lifesciences, a Rs. 725 crore plus Ahmedabad based pharma major, has entered into definitive agreements with Baxter International Inc for the sale of its global generic injectables business for a total gross consideration of Rs. 4,230 crore (US$ 625 million). The injectables business has been growing rapidly over the lat few years and has attracted significant interest. Claris has a total of 11 approved products in the US, around 25 ANDAs under review with the FDA and markets its products in over 75 countries. Its injectable business revenue for the year 2015-16 was at Rs. 623 crore and contributed 78 per cent to consolidated revenue.  

Claris has transfer its subsidiaries viz., Claris Injectables, Claris Pharmaservices, Elda International DMCC, Claris Lifesciences Inc, Claris Lifesciences (UK) ltd, Claris Lifesciences (Aust) Pty. Ltd, and Claris Lifesciences Philippines, Inc. to Baxter International.

Claris Injectables Ltd (CIL), a wholly-owned subsidiary dealing in speciality injectables business and has a minority stake in Claris Otsuka Pvt Ltd. CIL is engaged in manufacturing and marketing generic injectables across multiple delivery systems, markets, and therapeutic segments including anesthesia, anti-infectives and others. A significant majority of these products are generic drugs, capable of being directly injected into the human body, predominantly used in the treatment of critical illnesses.

Arjun Handa, executive vice chairman and group MD of Claris Lifesciences, said, “We are pleased to announce this agreement with Baxter. It is a testament to the business that we have built. We have been focused on the injectables segment and have created a world class integrated business model from research to marketing and a platform with high entry barrier specialty products and technology, R&D capability and world class manufacturing infrastructure with a quality team having best in class knowledge.”

Jose (Joe) Almeida, chairman and CEO, Baxter, said, “The acquisition of Claris Injectables will allow Baxter to make an even greater impact for patients and healthcare providers while creating new opportunities for Baxter to accelerate near-term and long-term performance. Global demand for high-quality cost effective generic injectable pharmaceuticals is growing rapidly; and Claris Injectables' differentiated portfolio, technologies and expertise strongly complement Baxter's own world-class products and capabilities. This combination will strengthen Baxter's presence and potential as a market leader in this space.”

Credit Susse and Jefferies acted as the financial advisers to Claris, Herbert Smith Freehills LLP, Veritas and AZB acted as the legal advisor to Claris.