The industry is entering “the golden era for biosimilars,” Amneal co-CEO Chirag Patel said Wednesday morning as he explained the motivation for his company’s $1.1 billion acquisition of Kashiv BioSciences.
In the merger of the New Jersey-based neighbors who conduct much of their manufacturing in India, generics leader Amneal is gaining biosimilars specialist Kashiv for $750 million upfront—split between cash and equity payable at close—plus up to $350 million in potential milestones.
With its buyout of the 15-year-old private company, Anmeal’s share price increased by 5% by mid-morning on Wednesday. The companies expect the deal to close in the second half of this year.
“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,” Patel said during a conference call. “Biosimilars represent the next major wave of affordable medicines and we are at that inflection point. Patient access is expanding and the U.S. regulatory advancements are lowering development time and cost.”
Kashiv brings two facilities in India, one for manufacturing and another for R&D. It also has a Chicago fill-finish plant and a manufacturing and R&D site at its headquarters in Piscataway, N.J. Kashiv currently boasts 25,000 liters of production capacity with plans to expand to 75,000 liters by 2028. The company also brings 600-plus employees.
In Chicago, Kashiv produces biosimilar versions of Amgen’s chemotherapy treatments Neupogen and Neulasta. By 2027, Amneal expects to be selling biosmilars to Roche’s Avastin, Amgen’s Xgeva and Prolia, and Roche and Novartis’ Avastin.
The company expects to launch between three and five new biosimlars each year. By the end of 2029, Amneal expects to be selling biosimilars for several megablockbusters, including Merck’s Keytruda and Bristol Myers Squibb’s Opdivo.
Amneal, which ranks among the world’s top 20 companies in sales of generics, also revealed its first-quarter results on Wednesday, with revenue reaching $723 million for a 4% year-over-year bump.
The company generated sales of $3.02 billion in 2025 and is projecting revenue to increase between 1% and 4% this year. As the acquisition becomes accretive in 2027, the company expects sales to increase by between 7% and 13%. Amneal also took the unusual step of projecting its 2030 revenue, expecting it to land between $4.25 billion and $4.5 billion.
“For us to provide long-term guidance, we have to fell pretty confident in our ability to deliver on those commitments, number one,” Tasos Konidaris, Amneal's chief financial officer, said. “Number two, I think it speaks to the tremendous amount of diligence we have done with this acquisition.”