The portfolio acquired includes Gablofen® (baclofen), a severe spasticity management product, currently marketed in the US and two pain management products that are under development. There will be additional milestone related payments of $32 million, depending on financial performance of the acquired assets over the next three years.
“This would be our seventh pharma acquisition in the last two years, taking our investment for inorganic growth to Rs 3,000 crore across our pharmaceutical businesses,” said Ajay Piramal, Chairman of the group. “All these acquisitions are expected to be value accretive and will improve our pharmaceutical segment’s growth and EBITDA in percentage and in absolute terms,” he added.
“This would be our seventh pharma acquisition in the last two years, taking our investment for inorganic growth to Rs 3,000 crore across our pharmaceutical businesses,” said Ajay Piramal, Chairman of the group. “All these acquisitions are expected to be value accretive and will improve our pharmaceutical segment’s growth and EBITDA in percentage and in absolute terms,” he added.
Peter DeYoung, Chief Executive, Piramal Critical Care, pointed out that this was the second acquisition under the Group's critical care segment in the last four months. The last was the acquisition of a portfolio of anaesthesia and pain management injectable drugs from Janssen Pharmaceutica NV.
The latest acquisition, Gablofen, has also been approved for launch in eight European markets and is the only drug of its type available in vials and pre-filled syringes, preferred by users over competing products available in ampoules, a company note said. In the 12 months ending September 30, 2016, the acquired portfolio generated revenues of $44.6 million.
With revenues of Rs 874 crore, healthcare accounted for 46 per cent of Piramal Enterprises' revenues in the quarter ended September 2016.