Business
ANI Pharmaceuticals Expands Branded Products Portfolio Through Acquisition of Sandoz Inc. NDAs
-- Accretive transaction in line with growth strategy laid out for Branded Products business -- BAUDETTE, Minn.--(BUSINESS WIRE)-- ANI Pharmaceuticals, Inc.
About this update from Ani Pharmaceuticals, Inc.
[{"type":"text","content":"\n-- Accretive transaction in line with growth strategy laid out for Branded Products business --\n\n BAUDETTE, Minn.--(BUSINESS WIRE)--\nANI Pharmaceuticals, Inc. (“ANI”) (NASDAQ:ANIP) today announced that it has acquired the new drug applications (“NDAs”) for OXISTAT® Lotion, VEREGEN® Ointment, and Pandel® Cream and the abbreviated new drug application (“ANDA”) for ApexiCon® E Cream from Sandoz Inc. Pandel® Cream will be transitioned later upon receiving the requisite approvals. Collectively, these products generated net revenues of $13.2 million in 2020. The acquisition was funded through borrowings under the Company’s pre-existing revolver credit facility.\n\nIn conjunction with the acquisition, ANI and Sandoz have entered into a multi-year manufacturing and supply agreement for OXISTAT® Lotion, Pandel® Cream and ApexiCon® E Cream. ANI intends to transfer the manufacture and packaging of these three products to its own manufacturing sites in the future.\n\n“This acquisition is in line with our strategy to expand our established brands business through accretive deals. Importantly, ANI will ensure that patients in need continue to receive these high-quality dermatology products. The acquisition leverages our innovative brand commercialization infrastructure and our North American manufacturing footprint,” stated Nikhil Lalwani, President and CEO.\n\nThe Company previously shared the four pillars of its strategy for delivering sustainable future growth:\n\n\nBuild a successful Cortrophin franchise;\n\n\nStrengthen the Generics business by enhancing development capabilities and increased focus on niche opportunities;\n\n\nMaximize the value from established brands through programmatic business development and innovative access and go-to-market strategies; and\n\n\nExpand CDMO business leveraging unique North American-based manufacturing capabilities.\n\n\nAbout OXISTAT® (oxiconazole nitrate) Lotion 1%\n\nOXISTAT Lotion is indicated for the topical treatment of the following dermal infections: tinea pedis, tinea cruris, and tinea corporis due to Trichophyton rubrum, Trichophyton mentagrophytes, or Epidermophyton floccosum.\n\nAbout Pandel® (hydrocortisone probutate) Cream 0.1%\n\nPandel is a corticosteroid indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses in patients...