Mumbai, Dec. 15: Claris Lifesciences is selling its injectable business to Baxter International for around $625 million, or Rs 4,240 crore.

Baxter will acquire a clutch of subsidiaries of the Ahmedabad-based company as part of the deal - Claris Injectables Ltd, Claris Pharmaservices, Elda International DMCC, Claris Lifesciences Inc and three other overseas companies.

Claris's injectable business generated revenues of around Rs 623 crore for the year ended March and accounted for around 78 per cent of its total revenues.

The decision to sell and transfer the business was taken at a board meeting today and the announcement came after market hours.

Shares of Claris ended with gains of over 7 per cent on the bourses ahead of the announcement. On the Bombay Stock Exchange, the scrip finished at Rs 358.45, up Rs 23.75, or 7.10 per cent.

In a regulatory filing with the bourses, Claris said the deal was expected to be completed within a year.

Claris manufactures and markets a range of medicines across multiple delivery systems and segments, including anaesthesia and analgesics, blood products, anti-infectives, critical care and nephrology. The products are sold in more than 75 markets, with direct sales in the US and India.

The $10-billion Baxter, in a separate statement, said the acquisition would increase its capacity in generic injectable medicines such as anesthesia and analgesics, renal, anti-infectives and critical care in the form of bags, vials and ampoules.

The boards of directors of both the companies have approved the acquisition, which is expected to close in the second half of 2017. The deal is expected to be modestly accretive to adjusted earnings and increasingly accretive thereafter.

Baxter said sterile medication production was its core competence and the global sterile generic injectables market was more than $40 billion, growing at a 10 per cent compound annual growth rate.

"The acquisition of Claris Injectables will provide Baxter with a robust pipeline and marketed portfolio of generic injectables with 11 molecules currently approved in the US along with fully integrated research and development expertise and three world-class manufacturing facilities registered with a number of global regulatory agencies, including the US Food & Drug Administration (FDA)," Baxter said.

According to Baxter, Claris's injectable business is expected to deliver annual global revenues of over $100 million in 2016.