Amphastar Announces Expansion of Amphastar Nanjing Pharmaceuticals Inc.
July 09 2018 - 6:00AM
Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) announced business
expansion plans for its subsidiary, Amphastar Nanjing
Pharmaceuticals Inc. (“ANP”). To date, ANP has provided Active
Pharmaceutical Ingredients (“APIs”) and starting materials
specifically to Amphastar. After the expansion is completed, ANP
intends to begin selling APIs both to Amphastar and externally
around the world to expand its overall markets. More importantly,
ANP is expanding to manufacture finished pharmaceutical products
for distribution in China and in other markets globally.
To help fund this expansion, ANP completed a private placement
of its equity, raising approximately $57 million. Multiple private
equity investors from Mainland China, Taiwan, and the United States
participated in the private placement. Amphastar has retained
approximately 58% of the equity interest of ANP immediately after
the private placement.
Amphastar's CEO, Dr. Jack Zhang, stated: "We believe that the
expansion of ANP is the most effective way for us to leverage our
existing assets on a global scale. We expect ANP to begin selling
products externally to expand its markets in 2019. The raise
of this money by ANP will also allow Amphastar to deploy more of
its existing cash towards expanding its research and development
for its pipeline."
Company Information
Amphastar is a specialty pharmaceutical company that focuses
primarily on developing, manufacturing, marketing, and selling
technically-challenging generic and proprietary injectable and
inhalation products. Additionally, the Company sells insulin API
products. Most of the Company’s finished products are used in
hospital or urgent care clinical settings and are primarily
contracted and distributed through group purchasing organizations
and drug wholesalers.
Amphastar Nanjing Pharmaceuticals currently has four APIs and
starting materials approved by the US Food and Drug Administration
(“FDA”), nine Drug Master Files (“DMFs”) on file with the US FDA
and is developing nine additional DMFs.
More information is available at the Company’s website at
www.amphastar.com.
Forward Looking Statements
All statements in this press release that are not historical are
forward-looking statements, including, among other things,
statements relating to the Company’s expectations regarding
regulatory approvals and sales and marketing APIs, starting
materials and finished products by ANP, research and development
plans of the Company and other matters related to its current
products, pipeline of product candidates and other future events
related to Amphastar and ANP. These statements are not historical
facts but rather are based on Amphastar’s current expectations,
estimates, and projections regarding Amphastar’s business,
operations, and other similar or related factors. Words such as
“may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,”
“potential,” “continue,” “expects,” “intends,” “plans,” “projects,”
“believes,” “estimates,” and other similar or related expressions
are used to identify these forward-looking statements, although not
all forward-looking statements contain these words. You should not
place undue reliance on forward-looking statements because they
involve known and unknown risks, uncertainties, and assumptions
that are difficult or impossible to predict and, in some cases,
beyond Amphastar’s control. Actual results may differ materially
from those in the forward-looking statements as a result of a
number of factors, including those described in Amphastar’s filings
with the Securities and Exchange Commission. Amphastar undertakes
no obligation to revise or update information in this press release
to reflect events or circumstances in the future, even if new
information becomes available.
Contact Information:
Amphastar Pharmaceuticals, Inc.
Bill Peters
Chief Financial Officer
(909) 980-9484
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