Claris Lifesciences has agreed to sell its global generics injectables business to Baxter International for a total consideration of $625 million (₹4,237 crore).

The Boards of both companies have approved the deal, which is expected to close in the second half of 2017, a note from Baxter said.

The deal is among the larger transactions in the pharmaceutical space in India and comes at the end of a relatively quiet year in terms of M&A activity.

It will require the approval of the Foreign Investment Promotion Board, a caveat the government introduced to prevent Indian drugmakers from selling businesses to foreign companies in the interest of national security.

Claris Injectables will add proven capabilities in production of essential generic injectable medicines, such as anaesthesia and analgesics, renal, anti-infectives and critical care in a variety of presentations, including bags, vials and ampoules, Baxter said. In 2016, Claris Injectables is expected to deliver annual global revenues of over $100 million. Baxter is an international player in sterile medication production and delivery and had acquired Wockhardt’s intravenous fluids business in 2002 for about ₹195 crore.

The multinational currently participates in a differentiated segment of the generic injectables market with 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.

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