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Amneal to buy majority stake in generics medicine provider Avkare

Amneal Pharmaceuticals Inc. agreed to acquire a 65.1% stake in Pulaski, Tenn.-based private company Avkare Inc. and its affiliate, which conducts business as R&S Northeast, for a combined value of $340 million.

Bridgewater, N.J.-based Amneal, which manufactures generic, specialty and biosimilar medicines, will finance the deal through cash on hand, a senior secured term loan and other measures.

Avkare, which manufactures and provides generic medicines to the U.S. federal agencies the Department of Defense and the Department of Veterans Affairs, will operate as an independent subsidiary of Amneal on completion of the deal.

Amneal expects to complete the transaction in early 2020, subject to closing conditions and regulatory approvals.

SunTrust Robinson Humphrey, BofA Securities and RBC Capital Markets LLC are the financial advisers to Amneal, while Morgan Lewis & Bockius LLP is the legal adviser for the deal.

Raymond James and Frost Brown & Todd are Avkare's financial and legal advisers, respectively.