Cipla Ltd. (NSE: CIPLA) is buying InvaGen Pharmaceuticals Inc. and Exelan Pharmaceuticals Inc. in a $550 million cash deal that will give Cipla a presence in the U.S. generic drug market.

InvaGen makes generic drugs that are used in the cardiovascular, anti-inflammatory, anti-diabetic and anti-depressant areas. The Hauppauge, New York-based target has three manufacturing facilities. Exelan, based in Lawrenceville, Georgia, provides generic pharmaceutical sales and marketing services for the government.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.