South Plainfield-based PuraCap Pharmaceutical LLC is teaming up with a Chinese life sciences company to buy a New York generic pharmaceutical company for $550 million.PuraCap and Humanwell Healthcare Group said in a news release that they are acquiring Epic Pharma LLC of Laurelton, New York, to expand their commercial and manufacturing capabilities and bolster their share of the U.S. generics market.

“This acquisition is a major step in the growth of our company,” Dahai Guo, PuraCap CEO and Humanwell USA LLC president, said in a prepared statement. “In addition to strong and growing OTC and branded business units in the U.S., this acquisition along with our recent acquisition of Blu Pharmaceutical LLC and Blu Carib Inc., firmly establishes Humanwell and PuraCap in the U.S. generic Rx pharmaceutical segment. The PuraCap U.S. footprint continues to expand our tablet, softgel, two-piece capsules, cream and powder product portfolio.

“The addition of Epic is an important addition to the PuraCap family. We look forward to it being a platform for the development of our generic pharmaceutical business, both in the USA as well as internationally.”

Epic’s portfolio includes 15 marketed generic drugs and 37 products in its pipeline. The partnership will also acquire a 110,000-square-foot manufacturing facility and gain 215 total employees.

The transaction is expected to close in the second quarter, subject to customary approvals and conditions.

China Merchants Bank New York Branch is the bookrunner and mandated lead arranger in the deal. Nomura was financial adviser and Fox Rothschild LLP was U.S. legal counsel for PuraCap and Humanwell. Jefferies LLC was financial adviser and Hughes Hubbard & Reed LLP was U.S. legal counsel for Epic.