Cipla EU, the European arm of the Indian pharmaceutical company Cipla, has closed the acquisition the generic businesses of two US-based companies, InvaGen Pharmaceuticals and Exelan Pharmaceuticals for USD 550 million.

The acquisition will give the company scale in the US generics market through a wide ranging product portfolio in CNS, CVS, anti-infectives, diabetes as well as other value added generics. “This investment is in line with Cipla’s strategy to grow Cipla’s share in the US pharmaceutical market. We see InvaGen as a strong strategic fit with a relevant diverse portfolio as well as a strong market and customer presence,” said Subhanu Saxena, MD & Global CEO, Cipla.