Indian government approves Baxter acquisition of Claris

AHMEDABAD, India — India’s Foreign Investment Promotion Board on Monday approved Baxter Healthcare’s acquisition of India-based Claris Injectables for $625 million, according to multiple news reports. The Foreign Investment Promotion Board has the ability to approve mergers and transactions, similar to the Federal Trade Commission in the United States.

Baxter anticipates launching seven to nine new products annually over the next few years, increasing to 10 to 15 anticipated new product launches a year beyond 2019.

Claris is a global generic injectables pharmaceutical company. “Claris Injectables will add proven 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,” Baxter said at the time the deal was announced in December.

“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,” said Jose (Joe) Almeida, Chairman and CEO, Baxter. “The capabilities we gain with Claris Injectables will augment and complement our differentiated technologies, expertise and extensive presence in the hospital channel to create a pathway for Baxter to become a global leader in generic injectables.”