Piramal Pharma Limited on Tuesday said its step-down wholly-owned subsidiary, Piramal Critical Care B.V., has entered into definitive agreements to acquire the Kenalog brand and its associated trademarks from Bristol-Myers Squibb Company (BMS) for an upfront consideration of $35 million, along with contingent payments of up to $65 million based on agreed operational and financial milestones.
The transaction, referred to as the ‘Kenalog acquisition’, is subject to the fulfilment of customary closing conditions.
Kenalog is a branded injectable product containing Triamcinolone Acetonide, a synthetic corticosteroid used for its anti-inflammatory, antipruritic, and antiallergic properties. The product is indicated for use in conditions such as acute gouty arthritis, rheumatoid arthritis and other inflammatory disorders. It is currently marketed by BMS across 15 countries under multiple brand names including Kenalog, Kenacort, Trigon and Adcortyl.
Piramal said the acquisition will leverage its global distribution network spanning more than 6,000 hospitals across over 100 countries, and will help expand its Critical Hospital Generics (CHG) portfolio. The company expects the deal to support future growth, particularly in key markets such as the US, Europe and Asia-Pacific.
The company clarified that the transaction is not a related party transaction and that its promoters or promoter group entities do not have any interest in BMS. The deal involves only the acquisition of brands, and therefore details related to entity size or share exchange are not applicable.
