Pfizer purchases product portfolio from Strides Arcolab

Pfizer has entered into an agreement with Strides Arcolab over the purchase of a number of products created as part of a joint venture.

The company is to pay $28.2 million (18.2 million pounds) to gain the rights to a total of 22 products, all of which have received or are pending approval from US healthcare regulators.

These drugs are currently owned by Akorn-Strides, a joint venture between Strides Arcolab and the healthcare company Akorn, which has been operating since 2004.

Under the terms of the agreement, Akorn-Strides will continue to manufacture and distribute some of the approved products until April 30th 2011.

Arun Kumar, executive vice-chairman and chief executive officer of Strides, said: "We are delighted that the divestiture of these products has created significant value for the two joint venture partners. This transaction will further strengthen the strategic partnership between Strides and Pfizer."

Currently, Pfizer is in the process of a major deal to purchase King Pharmaceuticals for a total price of $3.6 billion.