ANI acquires 22 previously marketed generic drug products for $25 million from Teva Pharmaceuticals

ANI Pharmaceuticals, Inc.Jul 13 2015

ANI Pharmaceuticals, Inc. ("ANI") (NASDAQ: ANIP) today announced that it has acquired 22 previously marketed generic drug products from Teva Pharmaceuticals for $25 million in cash and a percentage of future gross profits from product sales. The acquisition includes 19 solid-oral dosage products, and 3 oral suspension products. ANI will initially focus to tech transfer four products that qualify as CBE30 filings into ANI's two manufacturing facilities; these four products have a combined trailing twelve month market value of $210 million, according to IMS Health. The total market value for the 22 products is $650 million on a trailing twelve month basis, per IMS Health. The acquisition is being funded through cash on hand.

Arthur S. Przybyl, President and CEO of ANI Pharmaceuticals, stated, "I am excited to add this group of approved products to our generic portfolio and to further leverage our manufacturing capabilities. Importantly, we will be manufacturing one of the initial products out of our containment facility for potent compounds. This acquisition meaningfully expands our product pipeline to 68 products with a total market value of $3.9B per IMS Health. We are pleased at the opportunity to extend our collaboration with Teva beyond the three transactions we have previously completed over the past eighteen months."

Robert W. Schrepfer, VP of Business Development, commented, "This transaction further illustrates ANI's ability to execute strategic acquisitions that leverage our internal capabilities and expand our approved product portfolio. We are fortunate to have developed this strategic relationship with an industry leader such as Teva."