Amneal Pharmaceuticals has agreed to acquire Kashiv BioSciences in a transaction valued at up to $1.1 billion, combining cash and equity to expand its presence in the biosimilars market. The agreement includes $750 million paid at closing—split evenly between cash and stock—along with up to $350 million in additional payments tied to regulatory milestones, potential royalties, and operational funding for Kashiv until the deal is finalized. The transaction is expected to close in the second half of 2026.
The acquisition brings together two New Jersey-based companies that conduct a significant portion of their manufacturing operations in India. Kashiv contributes multiple facilities, including manufacturing and research and development sites in India, a fill-finish plant in Chicago, and another combined manufacturing and R&D location at its Piscataway, New Jersey headquarters. The company currently operates with approximately 25,000 liters of production capacity and plans to expand that to 75,000 liters by 2028. It also adds more than 600 employees to Amneal’s workforce.
Amneal stated that the acquisition will establish a fully integrated global biosimilars platform. Kashiv specializes in developing and producing biosimilar medicines and maintains a pipeline of follow-on versions of biologic drugs. In Chicago, the company already manufactures biosimilar versions of Amgen’s chemotherapy treatments Neupogen and Neulasta.
Looking ahead, Amneal expects to expand its biosimilars portfolio significantly. By 2027, the company anticipates launching biosimilars referencing products such as Roche’s Avastin, Amgen’s Xgeva and Prolia, as well as another version of Avastin associated with Roche and Novartis. The company plans to introduce between three and five biosimilars annually. By the end of 2029, it expects to include biosimilars for several high-revenue therapies, including Merck’s Keytruda and Bristol Myers Squibb’s Opdivo.
Amneal co-CEO Chirag Patel described the broader industry context during a conference call, stating, “The global market is expected to grow from about $40 billion today towards $200 billion by 2035, driven by the largest biologic loss of exclusivity in history.” He also said the company views biosimilars as a major area of opportunity due to expanding patient access and regulatory developments that are reducing development timelines and costs.
The company indicated that it expects financial benefits from the transaction, estimating synergies in the range of $400 million to $500 million. It also anticipates the acquisition will become accretive by 2027, contributing to projected sales growth between 7% and 13% at that point.
Alongside the acquisition announcement, Amneal reported preliminary first-quarter revenue of $723 million, representing a 4% increase compared to the same period last year and exceeding analyst estimates of $715.3 million, according to LSEG data. The company also raised its 2026 adjusted earnings per share guidance to a range of $0.95 to $1.05, up from its previous forecast of $0.93 to $1.03.
Amneal generated $3.02 billion in revenue in 2025 and expects modest growth of 1% to 4% in the current year. It also provided longer-term projections, estimating that revenue could reach between $4.25 billion and $4.5 billion by 2030. Following the announcement, Amneal’s shares rose in premarket trading and were up by mid-morning.
Details of the Amneal Acquisition
Under the terms of the Amneal agreement, the total deal value can reach $1.1 billion, including approximately $750 million upfront (cash and equity) and up to $350 million in milestone-based payments tied to regulatory and commercial achievements.
This Amneal transaction is expected to close in the second half of 2026, pending regulatory approvals and shareholder consent.
Strategic Rationale Behind the Amneal Deal
The Amneal acquisition is designed to create a fully integrated global biosimilars platform by combining Kashiv’s development and manufacturing expertise with Amneal’s commercialization capabilities.
With biologic drugs worth over $300 billion expected to lose exclusivity in the coming years, the Amneal deal positions the company to capitalize on a rapidly expanding biosimilars market.
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