Baxter International said today it has plans to acquire Claris Lifesciences’ generic injectables subsidiary for approximately $625 million.

Claris Injectables will add to Baxter’s sterile medication production and delivery offerings, the buyer said, by adding capabilities in production of essential generic injectable medicines—such as anesthesia and analgesics, renal, anti-infectives, and critical care—in a variety of presentations including bags, vials, and ampoules.

Based in Ahmedabad, India, Claris Injectables is a 15-year-old global generic injectables pharmaceutical company with 11 molecules currently approved in the U.S. along with fully integrated R&D expertise and three manufacturing facilities.

Baxter said Claris Injectables will be “a foundational asset” as it seeks to become a global leader in the generic injectable pharmaceuticals market, which it pegged at more than $40 billion, growing at a 10% compound annual growth rate.

“The Claris Injectables acquisition will expand Baxter’s presence in the fast growing, global generic injectable pharmaceuticals space and accelerate our growth trajectory with high-value, essential medicines that will benefit patients worldwide,” Baxter chairman and CEO José (Joe) Almeida said in a statement.

Claris Injectables is expected to deliver more than $100 million in annual global revenues. Global revenues for Claris Injectables have risen by double-digits annually over the last several years through new product launches and geographic expansion.

Baxter manufactures a broad range of generic injectable medications, including both frozen and liquid preparations. The company has a presence in a segment of the generic injectables market that includes difficult-to-manufacture oncology drugs and a broad portfolio of standard-dose, ready-to-use, premixed injectable products, including essential anti-infectives, analgesics, and critical care medicines.

Baxter said it expects to finance the transaction through cash on hand, debt, or a combination. The buyer said it expects the acquisition to “modestly” add to its adjusted earnings and increasingly add to them going forward.

The boards of both companies have approved the deal, which, Baxter said, is expected to close in the second half of 2017, subject to regulatory approvals and other customary closing conditions.

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