Pharmaceutical giant Pfizer Inc. has completed its acquisition of InnoPharma Inc., the company announced on Thursday.

Pfizer agreed in July to make an upfront cash payment of $225 million for the pharmaceutical development company, plus up to $135 million of contingent milestone payments. The transaction was finalized after receipt of U.S. regulatory approval from all relevant government authorities.

InnoPharma has 10 generic products approved by the U.S. Food and Drug Administration (FDA), as well as a pipeline of 19 products filed with the FDA and more than 30 injectable and ophthalmic products under development.

The company's focus is on the development of novel formulations of existing drugs, including hard-to-make products, such as those that require complex manufacturing capabilities or have bio-equivalency challenges, in areas such as cancer and central nervous disorders.

InnoPharma has a research and development facility in Piscataway, N.J. According to Pfizer it has developed capabilities in complex injectable delivery forms, including pens and depot injectables, and is also working to expand into other dosage forms, such as oral suspensions and nasal sprays.

As part of Pfizer, InnoPharma will join the company's injectables unit which currently has a portfolio of 44 products.

"We believe this acquisition will help Pfizer build a strong sterile injectables pipeline in areas such as oncology and central nervous disorders," commented John Young, group president, Pfizer Global Established Pharma.