Gujarat-based drugmaker Intas Pharmaceuticals Ltd., which counts private equity firm ChrysCapital, Singapore state investment firm Temasek and Abu Dhabi Investment Authority (ADIA) as its investors, has signed a deal to acquire a biologic medication brand from US-based Coherus Biosciences.
Intas Pharma has agreed to buy Udenyca brand through its US specialty division, Accord BioPharma, for up to $558.4 million (nearly Rs 4,800 crore), according to a press release.
Udenyca is the brand name for medication pegfilgrastim-cbqv, a bone marrow stimulant used to treat low white blood-cell counts in patients who take cancer medications.
This comes nine years after the company made bold moves overseas as it acquired Actavis’ UK and Actavis Ireland businesses from Teva Pharmaceutical Industries Ltd for around $769 million. VCCircle earlier reported that Intas was also named as one of the suitors for Biogen’s biosimilars unit.
The latest deal includes an upfront payment of $483.4 million and $75.0 million in potential milestone payments. Coherus, which develops and sells therapeutics for chronic and life-threatening diseases, plans to use part of the proceeds to repay debt and clear royalty obligations related to UDENYCA.
During the 2023 fiscal year, sales of UDENYCA totaled $127 million. When final, the acquisition will expand Accord BioPharma's product portfolio and is expected to position the company for accelerated growth in the biosimilar industry.
As part of the acquisition, expected to be closed in the first quarter of 2025, Accord BioPharma will add employees from Coherus to its team.
The deal marks Intas Pharma’s further diversification into therapeutic areas.
Intas is the flagship company of the Chudgar Group, which started nearly four decades ago with a small unit for chronic therapeutic segments, such as neurology and psychiatry. It now commands a respectable size in the Indian formulations market.