BAUDETTE, Minn., March 11, 2016 /PRNewswire/ -- ANI
Pharmaceuticals, Inc. ("ANI") (Nasdaq: ANIP) today announced that
it has agreed to acquire a portfolio of Inderal® LA assets
from Cranford Pharmaceuticals, LLC. The acquired portfolio will
include the NDA and trademark for Inderal® LA as well as
finished goods inventory. Cranford Pharmaceuticals, LLC owns the
NDA for Inderal® LA 60mg, 80mg, 120mg and 160mg sustained
release capsules as well as the authorized generic, propranolol ER
capsules, both of which are indicated for hypertension, angina
pectoris, migraine and hypertrophic subaortic
stenosis. According to IMS Health, Inderal® LA and the
authorized generic generated combined sales of $30M in calendar year 2015.
The transaction is expected to close in the second quarter of
2016, subject to certain closing conditions. Following the
close of the transaction ANI will immediately begin distributing
Inderal® LA as well as the authorized generic propranolol
ER.
Arthur S. Przybyl, ANI's
President and CEO stated, "We are excited to add these extended
release products to the ANI commercial portfolio. The acquisition,
which is consistent with our strategy of pursuing limited
competition generic products and mature brands, will be material to
our revenue and EBITDA in 2016. We plan to provide updated
financial guidance upon closing the transaction."
About Inderal® LA capsules
Hypertension
Inderal® LA is indicated in the management of
hypertension. It may be used alone or used in combination with
other antihypertensive agents, particularly a thiazide diuretic.
Inderal® LA is not indicated in the management of
hypertensive emergencies.
Angina Pectoris Due to Coronary Atherosclerosis
Inderal® LA is indicated to decrease angina frequency and
increase exercise tolerance in patients with angina pectoris.
Migraine
Inderal® LA is indicated for the prophylaxis of common
migraine headache. The efficacy of propranolol in the treatment of
a migraine attack that has started has not been established, and
propranolol is not indicated for such use.
Hypertrophic Subaortic Stenosis
Inderal® LA improves NYHA functional class in symptomatic
patients with hypertrophic subaortic stenosis.
About ANI
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.
Forward-Looking Statements
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; delays or failure in obtaining product approvals 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:
Investor Relations
IR@anipharmaceuticals.com
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SOURCE ANI Pharmaceuticals, Inc.