Sweden's Recipharm AB said it will acquire Sanofi's contract inhalation drug business in the U.K. for about £45 million.

The French drugmaker has a facility based in Holmes Chapel near Manchester that employs about 450 people and is involved in manufacturing metered-dose inhalers and nasal sprays for respiratory diseases.

The business generated about £51 million in revenues during the 12 months ended March.

Recipharm, which provides contract development and manufacturing solutions, said the acquisition will add to its inhalation drug product manufacturing capabilities in the U.S. and allow it to take advantage of the growing respiratory drug market, specifically for chronic obstructive pulmonary disease and asthma.

Sanofi has also entered a long-term supply agreement with Recipharm for the products manufactured at the facility.

Recipharm, which previously acquired a Spain-based manufacturing facility from Roche Holding AG, said it may also pay up to £9 million in 2020 and 2021 if the newly purchased business meets certain goals.

The Sweden-based company said the transaction is expected to be accretive to EBITDA-margin and EPS from the first quarter of 2019.