Piramal Pharma has agreed to acquire the global rights to the Kenalog brand and its associated injectable corticosteroid products from Bristol-Myers Squibb in a deal valued at up to USD 100 million. The acquisition will be executed through Piramal’s wholly owned subsidiary, Piramal Critical Care B.V.

Under the terms of the agreement, Piramal will make an upfront payment of USD 35 million, with contingent consideration of up to USD 65 million payable upon achievement of specified operational and financial milestones. The move is expected to strengthen Piramal Pharma’s injectable product portfolio and enhance its presence in key markets.

Kenalog, which contains the active ingredient triamcinolone acetonide, is a long-acting injectable corticosteroid widely used to treat inflammation in conditions such as arthritis, bursitis and various allergic reactions. The product has a legacy presence in the market and is sold under multiple trademarks across more than a dozen countries.

Company executives said the acquisition aligns with Piramal’s strategic focus on expanding its hospital-focused injectable offerings and leveraging its global distribution network. With a strong footprint in hospital channels in markets including the United States, Europe and the Asia-Pacific region, Piramal aims to drive broader adoption of the Kenalog brand and generate additional revenue streams.

Industry observers note that the acquisition comes at a time when pharmaceutical companies are increasingly seeking portfolio expansion through targeted deals that enhance product mix and market access without overextending capital commitments.

The Kenalog acquisition reinforces Piramal Pharma’s commitment to scaling its specialty injectables business and deepening its global reach. It also reflects the company’s broader strategy of pursuing acquisitions that complement its core capabilities and support long-term growth ambitions.

Piramal Pharma expects the transaction to deliver strategic value by strengthening its hospital product offerings, enhancing competitive positioning and unlocking synergies across its international distribution channels.