ANI Pharmaceuticals Expands Generic Pipeline with Acquisition of Seven Development Stage Drug Products from Coeptis Pharmaceuticals, Inc.
18 Jun, 2019, 08:00 ET
BAUDETTE, Minn., June 18, 2019 /PRNewswire/ -- ANI Pharmaceuticals, Inc. ("ANI") (Nasdaq: ANIP) today announced that it has acquired a pipeline of seven development stage generic products from Coeptis Pharmaceuticals, Inc. for $2.3 million dollars in cash and up to $12.0 million in additional development and commercial milestones. As part of the agreement, ANI will pay a portion of gross profit generated from one of the injectable products to the commercial manufacturing partner. Included in the purchase price, ANI is also acquiring raw materials (API), manufacturing and packaging components, and reference drug valued at approximately $1.5M combined. The portfolio includes three oral and four injectable products and has a combined current annual U.S. market value of $1.02 billion according to IQVIA and ANI estimates.
Six of the products are currently in development at third parties with commercial manufacturing sites already established. The seventh product, a liposomal-based injectable, is in development at a third party and ANI will seek to identify a commercial manufacturing partner in the near-term.
Arthur S. Przybyl, ANI's President and CEO stated, "We are excited to add these seven drugs to our generic product pipeline. Importantly, our growing injectable pipeline now stands at six drugs. With strong cash flows and a healthy balance sheet, ANI is well positioned to continue pursuing business development opportunities to further expand our brand, generic and contract manufacturing business segments."
Pittsburgh, PA based Coeptis Pharmaceuticals' President & CEO, Modi Obochi, stated, "We are very thrilled to have divested these products to ANI Pharmaceuticals and for them to assume further development and commercialization of these products. ANI's growing product portfolio and industry expertise position it well to maximize the value of the products."
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.
About Coeptis Pharmaceuticals
Coeptis Pharmaceuticals, Inc. is a privately held biopharmaceutical company engaged in the acquisition, development and commercialization of innovative products that are developed via the 505(b)2 pathways. It recently acquired FDA-approved Consensi™ (a combination of amlodipine and celecoxib), which is indicated for patients for whom treatment with amlodipine for hypertension and celecoxib for osteoarthritis are appropriate and plans to launch Consensi™ later this year. The company has put together a team with demonstrated successes growing revenues and shareholder value and has several other 505(b)2 products at various stages of development. For more information, please visit www.coeptispharma.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.
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SOURCE ANI Pharmaceuticals, Inc.
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