BAUDETTE, Minn. — Ani Pharmaceuticals has bought 31 generic drugs from Teva Pharmaceuticals for $12.5 million, the company said.
The deal includes a cash transaction and a percentage of future gross profits from product sales, Ani said. Of the 31 drugs, 20 are oral-solid, immediate-release products; four are extended-release; and seven are liquid drugs. The drug maker said it would immediately start working on transferring them into its factories and expects to launch them in fourth quarter 2014. The drugs have combined annual sales of $860 million, according to IMS Health.
"This acquisition is a significant opportunity for Ani to expand our generic product portfolio beyond our current seven marketed products," Ani president and CEO Arthur Przybyl said. "When launched, these products will strengthen our business by growing our revenue base and leveraging our manufacturing capabilities."
Ani also said this week that it had entered a fee-for-service development agreement for a generic drug product with Sterling Pharmaceutical Services, though it didn't specify which product that was, except to say it had annual sales of $60 million, according to IMS Health.