ANI looks to boost pipeline with WellSpring Pharma acquisition
ANI Pharmaceuticals on Tuesday announced its acquisition of WellSpring Pharma Services, a Canadian contract development and manufacturing organization, or CDMO. The company said the acquisition is expected to boost its efforts to increase its generics pipeline.
“In the second quarter of 2018, ANI continued to successfully execute on its strategy to grow the brand and generic business platforms, and to advance our key pipeline assets. In addition, today, we announced that we acquired WellSpring, a contract development and manufacturing business located near Toronto, Canada in order to expand our third business platform, contract manufacturing, and to increase our capacity to re-commercialize our pipeline of acquired ANDAs that require a tech transfer,” Arthur Przybyl, ANI president and CEO, said.
WellSpring has capabilities in solid oral, semi-solids and liquids. The company has about 100 employees and a 100,000-sq.-ft. site that ANI has acquired as part of the transaction. WellSpring currently generates $15 to $20 million dollars in annual revenues.
With a focus on brand and generic drug products, WellSpring currently manufactures 17 commercial products for 11 different customers, and is assisting customers on 13 additional products that are in development or awaiting FDA approval, according to ANI.
The site manufactures drug products for the United States and Canadian prescription drug markets, and has substantial capacity, ANI said.
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