Amneal Pharmaceuticals, a diversified, global biopharmaceutical leader focused on expanding access to affordable and innovative medicines, has entered into a definitive agreement to acquire 100% of Kashiv BioSciences, in a transaction with consideration that includes $375 million of cash and $375 million of equity payable at closing, plus up to $350 million in potential payments based on the achievement of certain regulatory milestones, potential royalties based on commercial milestones, and funding of operations through closing.
Kashiv is among a select group of US-based companies with proven end-to-end biosimilars capabilities across development and manufacturing, and a robust pipeline. This transaction will establish a scaled, fully integrated global biosimilars platform at a pivotal moment, ahead of a more than $300 billion projected global biologics loss-of-exclusivity wave over the next decade, accelerating growth and meaningfully extending and diversifying Amneal’s long-term growth profile.
The transaction is subject to approval by Amneal shareholders, receipt of regulatory approvals and satisfaction of customary closing conditions and is expected to close in the second half of 2026.
Compelling strategic and financial benefits:
- Highly strategic and complementary transaction at a pivotal moment of market inflection. More than $300 billion of global biologics are expected to lose exclusivity over the next decade. As biosimilars expand access to biologics and deliver meaningful savings, adoption is accelerating across physicians, patients and payers. Kashiv’s R&D and manufacturing capabilities complement Amneal’s commercial scale, creating an integrated leader well positioned to lead in the next wave of affordable medicines
- Establishes an integrated biosimilar platform enabling multiple new biosimilars launches each year. The combination enhances speed to market, enables parallel development and commercialization, and enhances Amneal’s competitiveness. By 2030, Amneal expects to have more than 12 commercial biosimilars and over 20 more products in the pipeline
- Diversifies and extends Amneal’s strong, durable growth profile into the 2030s. The transaction expands biosimilars long-term growth within Affordable Medicines, alongside Specialty and AvKARE
- Transaction is highly synergistic, with $400M to $500M in expected financial benefits. The transaction reflects a balanced mix of upfront cash and equity, as well as potential success-based consideration over time. There is a minimal impact to the leverage profile and a clear path to deleveraging to below 3x net leverage by 2028. The transaction is expected to provide substantial financial synergies through the elimination of upcoming milestone and royalty obligations through 2030 and unlocks incremental tax and structural benefits over time.
