Japanese pharma company Sawai Pharmaceutical will acquire American generic drug maker Upsher‐Smith Laboratories’s generic pharma business for nearly $1.05bn from Acova.

The generic drug portfolio of Upsher-Smith’s portfolio features over 30 pharma products which are primarily oral solid preparations.

The transaction marks the first overseas acquisition for Sawai Pharmaceutical as per a report in the Reuters. It will help Sawai to develop a business in the US along with leveraging on the combined R&D capabilities through the manufacturing base and distribution network of Upsher-Smith.

Upsher-Smith manufactures an array of generic and branded medications for distribution to pharmacies, healthcare organizations, wholesalers and retailers.

Mark Evenstad, the CEO of Upsher-Smith said: “Upsher-Smith has developed and delivered crucial therapies to patients, from infants to the elderly, with a broad array of on-market generic pharmaceuticals.

“We have also built a pipeline that will enable even more patients to get life-changing therapies over the next several years.”

The current president of Upsher-Smith, Rusty Field will continue in his role to head the company, while the company’s non-generic pharmaceuticals businesses will remain unaffected by the deal and will be operated under Acova as it was previously.

Sawai Pharmaceutical’s acquisition of Upsher-Smith’s generic pharmaceuticals business is likely to be completed by June end depending on customary regulatory approvals.

Mitsuo Sawai, President of Sawai Pharmaceutical said: “We look forward to working closely with Rusty and the talented management team to forge a new global chapter in Upsher-Smith’s future together.

“Most importantly, we are committed to the entire team at Upsher-Smith, and to expanding the opportunities for the U.S. workforce at Upsher-Smith.”

Sawai Pharmaceutical, which is based in Osaka, manufactures close to 700 ethical pharmaceutical products. These include cardiovascular drugs, diabetes drugs, anticancer drugs, antihyperlipidemic agents and OTC drugs.

  ACOVA Inc, Japan, Osaka, Pharma Industry News, Sawai Pharmaceutical, Upsher‐Smith Laboratories, USA