Tokyo: Japanese drug maker Otsuka Pharmaceutical said Tuesday it has agreed to buy US drugmaker Avanir Pharmaceuticals for $3.54 billion.
The acquisition is a push by Otsuka to accelerate its expansion in treating diseases that affect the central nervous system, the Japanese firm said.
"As we bring together Otsuka`s experience and business track record in the area of mental illnesses with Avanir`s strengths in neurologic diseases, we believe that we can evolve into a truly global CNS (central nervous system) pharmaceutical company," Otsuka Pharmaceutical president Taro Iwamoto said in a statement.
The companies expect the deal to close in the first quarter of 2015 with Avanir becoming an independent unit of Otsuka`s US operations.
The Japanese pharmaceutical company is relatively small compared with some of its European rivals, but it has launched an aggressive expansion strategy in recent years with a slew of acquisitions to expand its drug portfolio and commercial capabilities.
