Aurobindo Pharmaceuticals has announced the acquisition of Sandoz's generic business in the US for $900 million.

The deal gives the Hyderabad based company access to Sandoz's portfolio of oral solids and dermatology drugs and manufacturing footprint and makes it the second largest generic player in the US-based on prescriptions.

Aurobindo said the acquisition will be funded through debt but did not disclose further details in an announcement.

The acquisition will add approximately 300 products including projects in development as well as commercial and manufacturing capabilities in the US, complementing and expanding the group's portfolio and pipeline.

Sandoz's generic portfolio generated sales of $600 million in H1 2018 and is expected to generate a sale of $900 million in one year of completion of an acquisition.

With this acquisition, Aurobindo will grow and diversify its business in the US. Acquiring these businesses from Sandoz will allow the company to further expand its product offering and to become a leading player in the generic dermatology market.