Baxter International Inc. has agreed to acquire Claris Injectables Ltd., the generic injectables unit of Claris Lifesciences Ltd., for $625 million.

Baxter will finance the deal using cash on hand, debt or a combination of both. The deal is expected to be modestly accretive to non-GAAP earnings in 2017 and increasingly accretive thereafter.

In 2016, Claris Injectables is expected to deliver annual global revenues in excess of $100 million.

The acquisition will provide Baxter with a pipeline and marketed portfolio of generic injectables, with 11 molecules currently approved in the U.S.

Baxter will build upon Claris Injectables' existing footprint by adding its technologies and making strategic investments to expand Claris Injectables' R&D pipeline and manufacturing capacity. The company expects to launch seven to nine new products annually over the next few years through this combination, increasing to 10 to 15 anticipated new product launches a year beyond 2019.

The boards of Baxter and Claris Lifesciences have approved the deal, which is expected to close in second half of 2017, subject to regulatory approvals and customary closing conditions.