Pfizer Expands Portfolio of Generic Medicines in the U.S. and Europe
Pfizer Inc (NYSE: PFE) announced today that it has entered into a series of agreements with Aurobindo Pharma Ltd., a pharmaceutical company based in India, to commercialize medicines that are no longer patent protected, and have lost market exclusivity in the United States and Europe, further progressing its Established Products Business Unit strategy.
Pfizer's Established Products Business Unit, focused on the commercialization of products where market exclusivity has been lost, was launched in 2008 as part of the Company's initiative to create smaller, more accountable business units aligned with customer needs. Currently, Pfizer's Established Products Business Unit has annual sales of $10 billion globally.
Under the terms of the agreements, Pfizer has acquired rights to 39 generic solid oral dose products in the United States and 20 in Europe, plus an additional 11 in France. These medicines cover a broad range of therapeutic areas including cardiovascular disease and Central Nervous System disorders, and will be commercialized in the U.S. through Pfizer's Greenstone subsidiary.
Pfizer has also acquired rights to 12 sterile injectable products in the United States and Europe. These medicines are antibiotics including penicillins and cephalosporins.
"We will dramatically change Pfizer's Established Products portfolio to an engine of positive growth. These agreements represent solid, measurable progress, and a strong commitment to achieve our growth objectives," said David Simmons, president & general manager of Pfizer's Established Products Business Unit.
The global non-exclusive market represents about $270 billion with solid oral dose products representing the largest drug category. This category is anticipated to continue its rapid increase in market share and has an estimated growth potential of over $500 billion within the next five years.
"Established Products has the benefit of Pfizer's strong brand recognition, track record of proven efficacy and safety, broad and deep commercial infrastructure around the world and a powerful portfolio. Going forward, Pfizer plans to expand the Established Products Business Unit’s product portfolio through additional activities with Aurobindo and other companies to provide our customers with a wider product offering," said Mr. Simmons.
These agreements are an expansion of a five-product U.S. deal Pfizer and Aurobindo entered into in July 2008. Together, the two transactions bring 44 solid oral dose products to Pfizer's diversified existing portfolio of established brands in the U.S.
Financial terms were not disclosed.
About Pfizer Pfizer Inc., founded in 1849, is dedicated to better health and greater access to health care for people and their valued animals. Every day, colleagues in more than 150 countries work to discover, develop, manufacture and deliver quality, safe and effective prescription medicines to patients.About Aurobindo Aurobindo, founded in 1986, is a leading generic pharmaceutical company serving consumers in more than 100 countries.