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IGI Laboratories, Inc. Announces Acquisition Of Three Commercialized Injectable Products, $10M Cash

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IGI Laboratories, Inc. (NYSE MKT: IG), a New Jersey-based specialty generic pharmaceutical company, today announced it has acquired three currently marketed injectable products from Concordia Pharmaceuticals, Inc., S.A.R.L., for $10 million in cash: Fortaz®, ZinacefTM, and Zantac® Injection. According to IMS Health, the current addressable market in the United States for these products is estimated at $26 million as of August 2015.

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Jason Grenfell-Gardner, President and CEO of IGI, commented, "This transaction delivers contribution to our fourth quarter of 2015 financial results. It is consistent with our TICO strategy, and accelerates our commercial entry into the sterile injectable market. These products, while branded, compete in genericized markets for these product forms, and thus should allow us to leverage our existing value chain for sales, marketing, and distribution of these products. In addition, ZinacefTM and Fortaz® complement IGI's pipeline of hospital-administered anti-infective injectables, which is a market segment we believe is best served by a portfolio approach. Our business development team will continue to focus on acquiring currently marketed assets that are aligned with our TICO strategy."

 

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