New Jersey-based pharmaceuticals firm Alvogen is to buy County Line Pharmaceuticals, another U.S. maker of generic drugs, for approximately $300 million, according to people familiar with the situation.

Unlisted Alvogen told Reuters it had signed a definitive agreement to acquire the Wisconsin-based business but declined to comment on the price.

The deal is the latest example of consolidation in the generic drugs sector, where companies are keen to achieve economies of scale and move up the value chain by supplying more difficult-to-make products that command higher margins.

The overall healthcare industry saw its biggest deal-making streak ever in 2015, with global transactions totaling $673 billion, according to Thomson Reuters data.

County Line, which was founded in 2007 by former Schwarz Pharma executives, makes a range of medicines that are given as oral solutions, as well as creams, ointments, gels and orally disintegrating tablets.

It has 12 marketed products in the United States and the acquisition is expected to add more than $100 million to Alvogen's sales line, lifting its annual revenue to around $1 billion, the sources said.

Alvogen was founded in 2009 by former Actavis CEO Robert Wessman and has 2,300 employees, with commercial operations in 35 countries.

European private equity fund CVC and Singaporean sovereign wealth fund Temasek agreed in June 2015 to buy a controlling stake in Alvogen in a deal valuing it at the time at around $2 billion.

(Editing by Jason Neely)