Sawai Pharmaceutical Co. Ltd. completed its acquisition of Upsher-Smith Laboratories Inc.'s generic pharmaceuticals business.

The Japanese drugmaker plans to retain operations in Minnesota and Colorado.

Upsher-Smith's current president, Rusty Field, will take on the additional role of CEO.

Torreya Partners LLC and SMBC Nikko Securities Inc. acted as financial advisers to Sawai for the transaction, while Debevoise & Plimpton LLP acted as legal counsel. Upsher-Smith's financial advisers were J.P. Morgan Securities LLC and BMO Capital Markets, while Lindquist & Vennum LLP served as legal counsel.