BAUDETTE, Minn., July 1, 2014 /PRNewswire/ -- ANI Pharmaceuticals,
Inc. (Nasdaq: ANIP) today announced that it has acquired the NDA
for Lithobid® (lithium carbonate extended release 300 mg tablets)
from Noven Therapeutics, LLC. Total consideration for the
product was $12 million including an
$11 million upfront payment and a
$1 million future milestone
payment. ANI is expected to launch Lithobid® in July 2014 under its own label. The
transaction is immediately accretive and is expected to generate
approximately $4 million in revenues
and $3.9 million in non-GAAP EBITDA
annually.
Arthur S. Przybyl, ANI's
President and CEO stated, "We are excited to add Lithobid® to our
portfolio of mature brand products. Prior to the acquisition,
ANI contract manufactured Lithobid®, which allows us to
immediately launch ANI-labeled product. This transaction
represents our second mature brand acquisition and underscores our
strategy of augmenting internal generic product development efforts
with acquisitions and partnerships for late stage ANDA products and
mature brands."
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, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements include, but are not limited to,
statements about the Company's plans, objectives, expectations and
intentions with respect to future operations and products and the
timing or success of the introduction thereof, the anticipated
financial position, operating results and growth prospects of the
Company, the value of the Company's pipeline or the size of
potential markets therefore, 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.
Forward-looking statements by their nature address matters that
are, to different degrees, subject to change. You should not place
undue reliance on those statements because they are subject to
numerous uncertainties, risks and other factors relating to the
Company's operations and business environment and other factors,
all of which are difficult to predict and many of which are beyond
the Company's control.
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 in the future
face increased difficulty in importing raw materials and/or
increased competition for its Esterified Estrogen with
Methyltestosterone Tablet product; competitive conditions for the
Company's other products may intensify; the Company may be required
to seek the approval of the U.S. Food and Drug Administration
("FDA") for its unapproved products or withdraw such products from
the market; general business and economic conditions; the Company's
expectations regarding trends in markets for the Company's current
and planned products; the Company's future cash flow and its
ability to support its operations; the Company's ability to obtain
additional financing as needed; the difficulty of developing
pharmaceutical products, obtaining regulatory and other approvals
and achieving market acceptance; and the marketing success of the
Company's licensees or sublicensees.
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
report on Form 10-Q, as well as its proxy statement/prospectus,
filed with the Securities and Exchange Commission on May 8, 2013. 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. ANI 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:
Arthur S. Przybyl
(218) 634-3608
arthur.przybyl@anipharmaceuticals.com
SOURCE ANI Pharmaceuticals, Inc.