Amneal Pharmaceuticals to acquire Kashiv BioSciences in $1.1bn deal

Acquisition creates integrated biosimilars platform as wave of biologic patent expiries approaches

Amneal Pharmaceuticals (AMRX) has agreed to acquire Kashiv BioSciences in a cash-and-stock transaction worth up to $1.1bn, in a move that will significantly expand the New Jersey drugmaker's position in the fast-growing biosimilars market.

Under the terms of the deal, Amneal will pay $375mn in cash and $375mn in equity, with up to a further $350mn contingent on regulatory milestones, potential royalties and funding of Kashiv's operations through to closing. The transaction is expected to complete in the second half of 2026.

Amneal said the combination would create a fully integrated global biosimilars platform, positioning the company to capitalise on a coming wave of patent expiries covering more than $300bn in global biologic drug sales over the next decade. Kashiv develops and manufactures biosimilar medicines and holds a pipeline of copycat versions of branded biologic treatments. The company expects the deal to generate synergies worth $400mn to $500mn.

The announcement came alongside a robust set of preliminary first-quarter figures. Amneal reported revenues of $723mn for the period, ahead of the $715.3mn analysts had forecast, according to data compiled by LSEG. The company also raised its full-year adjusted earnings per share guidance to a range of 95 cents to $1.05, up from its prior forecast of 93 cents to $1.03.

Amneal shares rose 3 per cent in premarket trading following the announcement.

The deal reflects broader consolidation pressure in the generics and biosimilars sector, where companies are racing to build scale ahead of the biologic patent cliff. Biosimilars — lower-cost alternatives to complex biologic drugs — have become an increasingly contested arena as healthcare payers globally seek to reduce medicines spending.