ANI Pharma Buys 31 Generic Drug Products from Teva for $12.5M in Cash, Percent of Future Gross Profits from Sales
ANI Pharmaceuticals, Inc. (NASDAQ: ANIP), an emerging generic pharmaceutical company, today announced that it has acquired 31 previously marketed generic drug products from Teva Pharmaceuticals (NASDAQ: TEVA) for $12.5 million in cash and a percentage of future gross profits from product sales. The acquisition includes 20 solid-oral immediate release products, 4 extended release products and 7 liquid products. ANI will begin work immediately on transferring these products into its manufacturing facilities in anticipation of product launches beginning in the fourth quarter of 2014. All of these products have been previously approved by FDA as abbreviated new drug applications (ANDAs). The total current annual market for these products is $860 million per IMS Health.
Arthur S. Przybyl, President and CEO of ANI Pharmaceuticals, stated, "This acquisition is a significant opportunity for ANI to expand our generic product portfolio beyond our current seven marketed products. When launched, these products will strengthen our business by growing our revenue base and leveraging our manufacturing capabilities. We are excited that this transaction extends the ANI-Teva relationship beyond the existing generic testosterone gel partnership."
Robert W. Schrepfer, VP of New Business Development, commented, "This transaction demonstrates ANI's commitment to diversify our marketed product portfolio and supplement our internal product development efforts through a business development plan that includes partnerships, acquisitions and in-licensing."
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