BAUDETTE, Minn., April 4, 2018 /PRNewswire/ -- ANI Pharmaceuticals, Inc. ("ANI") (Nasdaq: ANIP) today announced that it hasacquired ANDAs for 23 previously marketed generic drug products from IDT Australia, Ltd. ("IDT") for $2.6 million and a limited single-digit royalty for one product. Additionally, ANI acquired active pharmaceutical ingredient for one of the acquired products for $135 thousand. In 2015, ANI had secured the U.S. licensing rights and 40% to 50% of the net profits upon commercialization for these products from IDT for $1.0 million. Today's acquisition gives ANI full control of the re-commercialization program and the vast majority of the economics for these products. The total current annual U.S. market for these products is approximately $500 million, per Iqvia/IMS Health.
Arthur S. Przybyl, President and CEO of ANI stated, "This acquisition advances our strategy of building a pipeline of previously approved generic drug products that can be re-commercialized via a CBE-30 (changes being effected in thirty days) or prior approval supplement filing. The acquisition also allows us to continue to leverage our U.S. based manufacturing plants to launch generic products and expand our commercial portfolio. We look forward to executing additional launches from this basket of ANDAs in the future."
ANI Pharmaceuticals, Inc. (the "Company" or "ANI") is an integrated specialty pharmaceutical company developing, manufacturing, and marketing branded and generic prescription pharmaceuticals. The Company's targeted areas of product development currently include narcotics, oncolytics (anti-cancers), hormones and steroids, and complex formulations involving extended release and combination products. For more information, please visit our website www.anipharmaceuticals.com.
To the extent any statements made in this release deal with information that is not historical, these are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about price increases, the Company's future operations, products financial position, operating results and prospects , the Company's pipeline or potential markets therefor, and other statements that are not historical in nature, particularly those that utilize terminology such as "anticipates," "will," "expects," "plans," "potential," "future," "believes," "intends," "continue," other words of similar meaning, derivations of such words and the use of future dates.
Uncertainties and risks may cause the Company's actual results to be materially different than those expressed in or implied by such forward-looking statements. Uncertainties and risks include, but are not limited to, the risk that the Company may face with respect to importing raw materials; increased competition; acquisitions; contract manufacturing arrangements; delays or failure in obtaining product approval from the U.S. Food and Drug Administration; general business and economic conditions; market trends; products development; regulatory and other approvals and marketing.
More detailed information on these and additional factors that could affect the Company's actual results are described in the Company's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as well as its proxy statement. All forward-looking statements in this news release speak only as of the date of this news release and are based on the Company's current beliefs, assumptions, and expectations. The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
For more information about ANI, please contact:
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SOURCE ANI Pharmaceuticals, Inc.
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