ANI Pharmaceuticals, Inc. has entered into a fee-for-service development agreement with Sterling Pharmaceutical Services for an undisclosed generic drug product. The product will be developed by Sterling and transferred to ANI's facilities for commercial manufacture and marketing. According to IMS Health, the annual market for the product is valued at $60 million.
Arthur S. Przybyl, ANI's president and chief executive officer, said, "We are pleased to have entered into this initial collaboration with such a high quality partner as Sterling. We hope to place additional projects with Sterling in the future."
Robert Flynn, president of Sterling, said, "We are excited about the new relationship formed with ANI. This will allow both parties to utilize their expertise for the benefit of our respective companies and the consumer."