Pfizer completes takeover of InnoPharma

Pfizer has announced the completion of its takeover of InnoPharma after receiving regulatory clearance from the relevant bodies in the US.

The acquisition was originally announced in July and has been valued at around $360 million (220.64 million pounds). It sees Pfizer gain control of a pharmaceutical development company with a proven record in creating hard-to-make, differentiated, sterile injectable products.

By finalising this deal, Pfizer will be able to bolster its sterile injectables pipeline in areas such as oncology and central nervous disorders, positioning it well for further growth in the coming years.

InnoPharma's current portfolio includes ten US-approved therapies and more than 30 additional agents in development. It is known for creating novel formulations of existing drugs, including those that require complex manufacturing capabilities or have bio-equivalency challenges.

John Young, group president for Pfizer's global established pharma division, said: "This acquisition reflects our continued view that attractive growth opportunities, both external and organic, exist for the business."