Pernix Therapeutics Holdings, Inc. has signed a definitive agreement to divest its Houston, TX manufacturing operations, Pernix Manufacturing, LLC (PML), to Woodfield Pharmaceutical LLC. Woodfield will acquire the entire operation and will continue to manufacture the existing Pernix products under a long-term supply agreement. The transaction, excepted to close in the coming weeks, is subject to customary closing conditions.
Doug Drysdale, president and chief executive officer of Pernix said, “The sale of PML, along with the previously-announced closure of our distribution centers in Madison, MS and Magnolia, TX continues our efforts to reduce and simplify our operating costs. The transaction will be a significant contributor to profitability in 2014. We sincerely appreciate the contributions the PML team has made as part of the Pernix family and we look forward to working together with Woodfield to effect a smooth transition.”
Adam Runsdorf, president of Woodfield Pharmaceutical, LLC said, “We are pleased to participate in this transaction with Pernix and look forward to expanding the current platform of operations which will be dedicated to the service of existing and future customers requiring outsourced contract manufacturing.”