By Tess Stynes

Baxter International Inc. (BAX) agreed to acquire Claris Lifesciences Ltd.'s injectables business for roughly $625 million, a deal that will expand the range of generic injectable medications that it produces.

Baxter expects the deal to modestly increase its adjusted earnings immediately after closing, which is anticipated for the second half of 2017.

India-based company Claris Injectables has 11 generics treatments approved by U.S. regulators. Through the planned combination, Baxter expects to launch seven to nine products annually over the next few years. Baxter expects the number of annual product introductions to increase to 10 to 15 after 2019.

Claris Injectables is expected to generate more than $100 million in revenue for 2016.

Shares of Baxter, which also makes dialysis machines and other medical products, have risen 18% this year and were inactive in recent premarket trading.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

December 15, 2016 09:01 ET (14:01 GMT)

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