Amneal Pharmaceuticals has announced the completion of the acquisition of Kashiv BioSciences, a wholly-owned subsidiary of Kashiv Pharmaceuticals focused on the development of complex generics, innovative drug delivery platforms, and novel 505(b)(2) drugs.
Under the terms of the agreement, Amneal has paid USD 70 Mn in cash upon closure of the deal’s and will pay another USD 30 Mn cash at the first anniversary of the agreement along with another USD 8 Mn in the form of contingency payments upon achievement of certain regulatory milestones and certain royalty payments on the commercial sales of products in the portfolio of Kashiv.
Headquartered in Bridgewater, New Jersey, Amneal Pharmaceuticals, Inc. is a fully integrated pharmaceutical company focused on developing, manufacturing, and distributing generic and specialty drug products. The Company has an extensive portfolio of approximately 250 generic medicines and is expanding its portfolio to include complex dosage forms, including biosimilars in a broad range of therapeutic areas. Product offerings in specialty pharma range from neurology to musculoskeletal disorders and are marketed only in the United States. Recently Amneal has also received USFDA approval for Generic Version of Ortho Evra®, indicated for the prevention of pregnancy in women with a Body Mass Index of less than 30 kg/m2 for whom a combined hormonal contraceptive is appropriate.
Kashiv Biosciences, a relatively young company, was founded in 2011 and offered next-generation drug delivery technologies along with an advanced pipeline of oral & biosimilar drugs. Previously Amneal has entered into a licensing agreement with Kashiv for development and commercialization of Kashiv’s orphan drug K127 (pyridostigmine) for the treatment of Myasthenia Gravis with an upfront payment of USD 1.5 million along with additional payments upon achieving certain development and regulatory milestones totaling USD 16.5 million. Amneal received exclusive rights within the US market to the New Drug Application (NDA) and commercialization of K127. With this acquisition Amneal aims to strengthen its portfolio across specialty and complex generics businesses and develop various innovative drug delivery technologies.