Pfizer announces takeover of InnoPharma

Pfizer has announced plans to acquire InnoPharma, a privately-held pharmaceutical development company that specialises in injectable therapies.

The deal will see Pfizer pay up to $360 million (210.35 million pounds) in total, with $225 million coming as an upfront cash payment and $135 million coming in the form of contingent milestone fees.

InnoPharma is known for its proven record in creating hard-to-make, differentiated, sterile injectable products, with a portfolio of ten US-approved therapies and more than 30 additional agents in development.

It seeks to develop novel formulations of existing drugs, including those that require complex manufacturing capabilities or have bio-equivalency challenges, in areas such as cancer and central nervous disorders.

John Young, group president for Pfizer Global Established Pharma, said: "Today's announcement is an important milestone as we continue to look for innovative growth opportunities for our sterile injectables portfolio, which will increase to 73 products with this acquisition."

This is Pfizer's first acquisition since walking away from an attempt to purchase UK-based rival AstraZeneca for 69 billion pounds in May 2014.