Sawai Pharmaceutical and Upsher-Smith Laboratories announced that Sawai has completed its acquisition of Upsher-Smith's generics business. Sawai intends to retain operations in Minnesota and Colorado.
The acquisition provides Sawai with an opportunity for growth in the U.S. market where Upsher-Smith has a portfolio of generic products. Rusty Field, the current President of Upsher-Smith, will take on the additional role of CEO.
"This is a momentous day for both Sawai and Upsher-Smith. The acquisition of Upsher-Smith adds significantly to our capabilities and supports the acceleration of our vision of becoming a globally recognized generic drug company,” Mitsuo Sawai, President, Sawai Pharmaceutical said. “Upsher-Smith's manufacturing and commercial strength, strong distribution network and established relationships combined with Sawai's research and development capabilities and state-of-the-art manufacturing technology provide the opportunity to further enhance our ability to bring high-quality, high-value generic pharmaceutical products to patients both in Japan and the United States."
Sawai's financial advisors are Torreya Partners LLC and SMBC Nikko Securities and legal counsel is Debevoise & Plimpton LLP. J.P. Morgan Securities and BMO Capital Markets served as financial advisors to Upsher-Smith on this transaction and Lindquist & Vennum served as the company's legal counsel.