US emerging drug company ANI Pharmaceuticals Inc. (Nasdaq: ANIP) has reported that it has acquired 31 previously marketed generic drug products from Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) for $12.5 million in cash and a percentage of future gross profits from product sales.
The sale by Teva, the world's largest generics pharmaceutical company, is part of its streamlining program, which includes not only laying off 10% of its work force, but also focusing on more complex generics with higher added value.
The acquisition by ANI includes 20 solid-oral immediate release products, 4 extended release products and 7 liquid products. All of these products have been previously approved by the US Food and Drug Administration (FDA) as abbreviated new drug applications (ANDAs). The total current annual market for these products is $860 million per IMS Health.
While the sale is of negligible scope for Teva, for ANI this is a major acquisition which saw its share price soar 16% on Nasdaq on Friday.
Published by Globes [online], Israel business news - www.globes-online.com - on December 29, 2013
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