Baxter International (BAX) - Get Report has emerged as the winning bidder for Claris Injectables, paying $625 million to acquire the India-based maker of generic injectable drugs, the company announced Thursday.

Claris Injectables is a subsidiary of Claris Lifesciences, which put its generic injectables unit up for sale last summer.

"The Claris Injectables acquisition will expand Baxter's presence in the fast-growing, global generic injectable pharmaceuticals space and accelerate our growth trajectory with high-value, essential medicines that will benefit patients worldwide," said Jose Almeida, Baxter chairman and chief executive officer, in a statement.

In 2016, Claris Injectables, which markets 11 approved products currently, is expected to deliver annual global revenue in excess of $100 million, the company said.

By acquiring Claris, Baxter expects to launch seven to nine new products each year over the next several years, growing to 10 to 15 anticipated new product launches a year beyond 2019.

Injectable generic medicines are more difficult to manufacture than pills and can command higher prices and profit margins.

Baxter expects to finance the transaction through cash on hand, debt or a combination. The deal is expected to close in the second half of 2017.

Baxter said Claris Injectables' proven capabilities include producing generic injectable anesthesia and analgesics and medicines for renal treatment, as well as anti-infectives and critical care in a variety of delivery methods, including bags, vials and ampoules.

The acquisition builds upon Baxter's current presence in sterile medication production and generic injectable medications, including both frozen and liquid preparations, difficult-to-manufacture oncology drugs and a range of standard-dose, ready-to-use premixed injectable anti-infectives, analgesics and critical care medicines.

Baxter estimates that today the global sterile generic injectables market is more than $40 billion and is growing at a 10% compound annual growth rate.

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