PHILADELPHIA, July 16, 2014: Privately held pharmaceutical development company InnoPharma Inc. and Pfizer Inc. announced today that they have entered into an agreement under which Pfizer will acquire InnoPharma for an upfront cash payment of $225 million, with up to $135 million of contingent milestone payments.
Established in 2005, New Jersey based-InnoPharma is a sterile product development company, focused on developing complex generic and innovative specialty pharmaceutical products in injectable and ophthalmic dosage forms. The company’s current portfolio includes 10 generic products approved by the U.S. Food and Drug Administration (FDA), 19 products pending approval at FDA, as well as a pipeline of more than 30 injectable and ophthalmic products under development.
The closing of the transaction is subject to U.S. regulatory approval and is expected to occur during the third quarter.
Morgan Lewis served as InnoPharma’s legal advisor on the transaction. The Morgan Lewis team was led by Business and Finance Practice partner Timothy Maxwell. Assisting on the transaction were Business and Finance partners Barbara Shander, Joanne Soslow, Kenneth Kail, and Judith Walkoff; Business and Finance associates Jared Zane, Andrew Mariniello, Mark Opitz, Kate Moll-Taylor, Stephanie Hu; Intellectual Property partner Christopher Halliday; Employee Benefits partner Amy Kelly, partner-elect Patrick Rehfield, and associate Marc Leone; and FDA partner Kathleen Sanzo.
For more information on the transaction, please see InnoPharma’s press release.